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Bank & Quotation Section
Railway & Industrial Section
Electric Railway Section
Railway Earnings Section
Bankers’ Convention Section
State and City Section
V O L . 95
S A T U R D A Y , O C T O B E R 19 1912
3
pue C h ro n ic le .
'
Clearings at1912.
PUBLISHED WEEKLY.
T e r m s o f S u b s c r ip t io n — P a y a b le in A d v a n c e
F or One T e a r .................................................................................................. $10
F or Six M onths................................................................................................. 0
European Subscription (including postage).............................................. 13
European Subscription six months (including postage)......................... 7
Annual Subscription in London (including pi stage)............................... £ 2
S ix Months Subscription in London (including postago)......................... £ 1
Canadian Subscription (including p o s ta g e ).............................................. $ i l
00
00
00
50
14s.
11s.
50
Subscription includes following Supplements—
B ank and quotation (monthly)
R a ilw ay E ar m n gs (monthly)
S tate and C ity (semi-annually)
R a ilw a y AND I ndustrial (3 times yearly)
E lectric R a ilw ay (3 times yearly)
Ba
nk ers’ Co
n v e n t io n iv
e a r iv i
ankers
onvention
(yearly)
T e r m s o f A d v e r tis in g — P e r I n c h S p a c e
Transient matter per inch spaco (14 agate lines)...................................... $4 20
( Tw o Months
(s tim es)........................... 22 00
(13 tim es)........................... 29 00
Standing Business Cards > Three Months
) Six Months (20 tim es).................................... 50 00
(. T w elve Months (52 tim es)............................ 87 00
Chicago O ffice —Geo. M. Shepherd, 513 Monadnock Block; T el.H arrison4012.
L ondon O ffice —E dwards & Smith, 1 Drapers’ Gardens, E. C.
W IL L IA M
1*. O. B o x 0 5 8 .
B . D A N A
C O M P A N Y , P u b lis h e r s ,
F ro n t, P in o nnd IJcp cy stcr S ts.,
N ew Y o r k .
Published every Saturday morning by WILLIAM B. DANA COMPANY,
Jacob Seibert Jr., President and Treas.; George S. Dana and Arnold G. Dana,
Vice-Presidents; Arnold G. Dana, Sec. Addresses ot ail, OHice of the Company.
C L E A lilN G -IIO U S E liE T U R N S .
The following table, made up by telegraph, &c., Indicates that the
total bank clearings of all clearing houses of the United .States for week
ending Oct. 19 have been $4,106,349,504, against $3,090,530,237 last
week and $3,389,300,570 the corresponding week last year.
Clearings —Returns by Telegraph.
Week ending Oct. 19.
Per
Cent.
1912.
1911.
New York____ _____________________
32,149,991,495
190,645,930
107,074,002
40,778,770
318,158,087
09,550,410
18,200,270
$1,613,000,546
151.738.170
129.740.171
31,000,277
253,835,018
72,390,005
10,790,277
+ 33.3
+ 25.7
+ 28.8
+ 24.8
+ 25.3
—3.9
+ 8.7'
Seven cities, five days____ ________
Other cities, five days____
$2,951,459,570
591,747,011
52,269,182,130
584,437,019
+ 30.2
+ 1.3
S3,546.207,187
050.142,377
$2,853,019,749
535,080,821
+24.2
+21.4
Total all cities for week......................
34,196,349,504 33,389,300,570
+ 23.8
The full details for the week covered by the a bove will be given next
Saturday. We cannot furnish them to-day, clearings being made up by the
clearing houses at noon on Saturday, and hence in the above the last day of
the week lias to be in all cases estim ated, as we go to press Friday night
We present below detailed figures for the week ending with Saturday
noon, O ct. 12, for four years.
J
1912.
New York..........
Philahelphia___
Pittsburgh..........
Baltimore..........
B u ffa lo___
Albany................
Washington___
Rochester_____
Scranton______
Syracuse............
Heading......... .
Wilmington____
Wilkes-Barre __
Wheeling ..........
York ..................
Trenton ---------Erie ...................
Chester ..............
Binghamton----Greensburg........
Altoona..............
Lancaster..........
Montclair............
1911.
Inc. or
Dec.
1910.
1909.
S
$
s
%
S
1,710.804,757 1,518,050,219 + 12.7 1,544,367,805 2,119,084,243
142,057,007 128,721,087 + 10,1 139,370,037 113,127,771
45,353,700
47,142,671
+ 3.9
49,241,818
47,239,202
31,870,008 — 7.7
32,190.119
33,305,009
30,298,788
8,845,403 +25.1
11,002,001
8,895,010
9,843,709
6,503,258 —4.5
0,206,315
5,438,934
0,003,879
7,450,588
7,908,455
+0.1
0,979,594
7,022,485
3,958,143
4,057,087 — 2.4
4,169,387
4,062,333
2,000,000
2,473,778
2,321,885
2,000,739
2,339,067
1,298,039 + 80.2
2 ,111,111
2,249,590
1,021,000
2,112,371 — 23.2
1,748,801
1,064,403
1,392,015
1.453,191
— 4.2
1,500,872
1,526,999
1,594,962
1.125,265 + 41.7
J ,201,302
1,396,157
1,722,283
1,737,540 —0.9
1,800,031
1,708,078
855.802
941,461 — 9.1
929,730
1,000,558
1,000,000
1,010,448 —0.0
1,621,888
1,870,958
989,772
881,200 + 12.3
909,238
745,998
538,411
457,441 + 17.7
590,230
470,594
0 3, 00 ,
040.500
+ 7.2
494,000
439,700
550,0 Ki
519,510
+ 5.9
008,143
576,053
575,000
559,588
+ 2.9
5691007
480,900
1,369,451
1,041,922 + 31.1
1,008,022
340,206 Not Included In total
F Total Middle.. 1,979,898,3 7 1,770,787,902
+ 1.8 1,810,037,623 2,382,790,500
141,244,752 140,883,136
Boston ..............
+ 2.4 165,194,083 178,720,028
7,315,400
7,S91,300 — 7.3
1’ rovldencc........
8,939,900 ’
9,700,211
3,901,762
Hartford............
4,259,805 —6.9
3,722,450
3,452,975
2,474,510
2,884,350 — 14.2
New Haven........
2,783'404
2,995,341
2,428,179
2,105,910 + 15.3
Springfield........
2,328,007
2,000,000
Portland............
2,207,153
1,848,813 + 22.7
2,200,099
1,802,092
Worcester..........
2,377,400 — 7.4
2,200,933
2,959,785
1,885,704
Fall River_____
1,159,750
1,273,289
+ 9.8
1,392,076
1,413,080
New Bedford----884,137 + 0.04
884,515
1,262,134
1,330,378
501,729 — 10.2
Lowell_________
422,890
541,032
450,393
H olyoke.............
025,182 + 20 0
75 >,000
474,053
009,449
Bangor.... ...........
530,014
+ 8.5
675,133
Tot. New Eng.I
108.800,522
105,954,598
+ 1.7
191.798,883
205,169.70
Note — For Canadian Clearings see “ Commercial and Miscellaneous News.’
Columbus____
T oledo..............
Peoria ..............
Grand Rapids..
Kalamazoo . .
.Springfield, I
Fort Wayne.
A k ro n ..........
Lexington__
R o ck fo rd __
.
..
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Canton.
.
South Bend . Decatur _____ .
Springfield, O .. Quincy.............. Mansfield.......... .
Jacksonville, 111.
Jackson .......... .
Danville.......... _
L im a ________ .
Lansing.......... .
Ann Arbor___ .
Adrian .......... .
Owensboro__ .
t
.
Los Angeles___ .
Seattle ............ .
Portland.......... .
Salt Lake C ity.. .
Tacoma ..
.
Spokane.. ____
Oakland............
Sacramento___
San Diego........
San Jose............
Fresno..............
Stockton..........
Pasadena..........
North Yakima.
Itcn o ................
Kansas City___
Minneapolis___
Omaha...........
St. P aul.............
Denver________
Duluth-...........
Dcs Moines___
Sioux City____
Lincoln
Topeka
Week ending October 12.
Clearings at—
Chicago . . .
Cincinnati.
Cleveland .
Detroit___
Milwaukee.
Fargo
Pueblo ............
Frem ont_____
Helena . .
Aberdeen.
Billings . .
St. Louis.
New Orleans___
H ouston_______
Louisville_____
Galveston ..........
R ichm ond____
Atlanta ..............
Memphis............
Savannah ..........
Fort Worth........
Nashville ...........
Norfolk . .
Augusta...
Birmingham___
Little Itoek____
Jacksonville___
Charleston_____
Knoxville........ .
Chattanooga —
M obile................
Oklahoma..........
M acon................
Austin...... .........
Vicksburg........ .
Jackson ________
Wilmington,N.C.
Muskogee..........
Tulsa..................
Total Southern
N O . 2 46 9
Week ending October 12.
r.
1911.
D ec. J
1910.
1909.
S
S
%
$
S
209,742.09:
259,023.57
+ 3 . ? 2.57,497,083 274.159,831
20,245,25(
22,256.85 ) —9. I
22.359.400
27,442,700
23,057,42;
18,541,00. i +24.41
19.077.810
18,372,229
23,449,09
20,310,09
18,225,500
17,444,823
15,099,591
14,797.04'
+ 2.<1
13,022,830
13,211,258
7,864,98C
8,297.15!
— 5 .;
9,533’S9<:
8,775,775
5,094,901
5,073,001
+ !).■
0,179,800
0,209,100
4,807,687
3,606,18
+33.1
4,292,200
4,392,429
3,50 ,0 i
3,393,30c
+ 3.
3,163,868
3.000.853
3,199,231
2.994,37
+ G>
2,711,884
2,703,310
2,383,45!
1,083,35
+41 .r
2,002,413
2,065,269
2,778,78.r
2,797,27!
— O.f
2,252,243
2,190,899
752.98C
734,181
+ 2.C
087,425
024,021
1,110,47:
1,009,90!- + 10.(
968,749
880,271
1,159,45:
+
12.1
1,035,50
1,029,013
987,283
1,522,00(
1,079,00( + 41.(
882,400
740.000
692,50
703,241
— l.f
707,871
804,068
99.8,472
852,071 + 17.
919,988
772.305
1,757,99;
1,177,45
+49.!
1,400,848
808,373
1,058,211
1,004,0+ ' +5.909,710
775.000
732.10;
583,58* +25..'
002,852
554,981
1,400,00(
601,84i + 132.C
545,794
613,072
490,489
415.36C +19.£
492,000
426,003
049,852
498.13! + 30.;
552,020
501,275
833,15!
648,015 + 28.5
011,125
055.000
443.028
383,872 + 15.0
350,557
395,078
258,047
237,54c
+ 8.t
283,143
336.305
532,242
411,382 + 29 A
311,250
325.000
422,922
405,79c
+ 4.2
308,307
329,749
440,285
398,5 C + 1 1.5
3S9.578
357,597
473,460
372,166 + 27.2
398,090
225,107
+ 0.C
223,173
197.4S4
202,558
81,397
39.45C + 107.7
30,070
21,534
410,343
335,280 + 24.2
335,583
3 7,679,512 370,550,034
+ 5.0 373,590,512 391,199,815
40,578,009
48,327,1C3 —3 0
47,181,012
43,711,833
29,180,477
16,605,664 +23.3
10,252,314
12,704,100
11.840,340
11,818,730
+ 0.2
12,998,174
14,141,832
12,102,248
12,805.512 — 5.0
11,900,000
10,839,588
0,835,171
7,112,474 —3.9
0,532,513
7,569,340
3,040,788
4,419,252 — 17.0
5,948,720
0,448,349
4,758,174
4,427,000
+ 7.5
5,342,329
5,081,071
3,231,938
3,259,701
—0.9
3,089,187
1,885,333
2,250,802
1,000,038 +35.5
1,581,531
1,160.104
2,397,225
1,650,000 +45.3
1,300,000
921.000
792,165
1,002,455 —21.0
(069,220
084,574
1,102,050
913,639 + 20.0
773,724
G46.303
1,070,135
034,909 + 69.5
013,902
581,033
739,571
773,143 — 4.3
754,485
500.000
470,000
491,845 —4.4
561,201
401,892
312.4G0
325,224 —3.9
325,045
280.000
118,067,019 116.227,029
+ 2.1 115,827,500 108,222,918
63,329,369
32,176,990
10,000,000
12,525,484
10,823,438
7,040,322
0,204,572
5,018,122
3,599,058
3,490,204
1,630,359
1,340,802
1,801,200
0,402.259
548,408
685,653
653,188
380,084
1,543,804
980,369
590,427
242,457
447,229
1175,180,590
50,134,758
27,912,000
15.982,118
11,202,403
10,510,040
0,777,399
5,700,002
4,415,543
2,508,090
3,735,202
1,727,702
1,310,832
1,479,663
1,407,174
1,008,461
741,407
057,540
272,00.5
1,234,517
1,027,412
440,007
187,125
420,550
156,866,002
81,689,941
81,042,974
21,457,550
19,319,55b
28,000,00'
19,269,812
11,989,433
11,981,973
13,0 0,000
10,789,000
7,902,003
7,173,208
10,831,846
18,107,504
9,007,103
9,725,024
8,042,503
9,081,697
0,500,031
7,349,822
7,990,257
5,195,540
4,100,471
4,507,484
2,130,070
5,180,671
3,073,950
2,575,585
2,247,754
2,441,088
3,030,000
3,000,000
2,673,158
2,403,784
2,080,004
1,947,757
2,487,983
2.190.0S4
' 1,300,000
1,362,457
2,628,147
2,907,107
5,034,790
5,283,270
1,500,000
1,148,097
377,197
339,553
f50 7,413
524,175
700,000
851,287
1,097,002
959,207
660,382
1,057,063
253,303,507 237,238,850
3,090,530,237 !.823,606,275
1,38) ,671,480 ,305.550,050
+ 12.8
+ 15.3
+0.1
+ 11.8
+ 3.0
+ 12.7
+ 8.7
+ 12.1
+ 43.5
~fL5.
— 5.0
+ 2.2
+ 25.8
+359.3
— 45.6
—7.0
—0.7
+39.6
+ 25.0
—4.0
+ 13.6
+ 29.4
+ 4.9
+ 13.6
+ 0.8
+ 11.1
+45.3
+ 0.06
+ 20.5
+ 11.0
— 7.4
— 1.2
— 11 0
+ 42.9
+ 53.
—8.9
—58.9
+ 19.4
+ 8.0
+ 1.0
00,099,0.58
27,890,551
17,482,144
10.828,747
10,537,294
0,476,231
4.497,336
3,795,394
3,324,984
3,621,241
1,834,081
1,317,074
1,450,857
1,010,000
1,018,040
712,935
405,701
344,114
1,130,010
814,455
511,830
190,000
149,601
159,004,944
290,184
102,439,293
76,031,277
21,539,465
18,842,573
11,003,530
10,000,500
7,141.344
11.701.258
6,965,314
9.932,952
8,099,287
4,297,469
3,283,775
3,475,011
2,784,400
2,000,979
2,621,008
2,507,895
1,729,273
1,816,233
1,052,723
2,060,861
1,300,000
1,979,782
492,345
545,000
792,331
74,873,354
21,244,125
14,192,939
12,654,551
7,945,000
7,433,820
14,212,892
8.419,050
10,124,590
7,719,743
3,537,952
3,355,550
3,607,755
2,836,508
2,400,009
1,937,357
2.308,478
2,012,307
1,719,370
1,583,635
2,50S,639
1,514,924
906.375
243,368
512,000
685,485
50,559,439
32,807,777
10,544,282
12,117,954
11,012,438
6,672,035
7,293,111
3,690,318
2,932,508
2,931,499
1,587,393
1,407,203
1,402,854
1,122,473
1,153,385
695,714
051,430
412,342
’ 1,015',938
+ 0.8
+ 13.6
— 1.6
—9.4
—4.7
+30.7
+ 11.1
—3.2
— 17.8
+ 14.4
+ 00.1
..................
+ 6.8 218,379.075 _ 210,365,041
+ 9.7 1,869,845,197:3
+6.1 1,325,477,392 1
1002
THE
C H R O N IC L E
OUR R A I L W A Y EARNINGS ISSUE.
We send to our subscribers to-day the October
number of our “ Railway Earnings” Section. In this
publication we give the figures of earnings and expenses
for the latest month of every operating steam railroad
in the United States required to file monthly returns
with the Inter-State Commerce Commission at Wash
ington.
This Earnings Supplement also contains the com
panies’ own statements where these differ from the
Commerce returns or give fixed charges in addition to
earnings, or where they have a fiscal year different
from the June 30 year, as is the case with the New York
Central Lines, the Pennsylvania R R ., and others.
THE FINANCIAL SITUATION.
The most sensational event of this week, the attempt
on the life of Mr. Roosevelt, has elicited expressions
of horror and regret all over the civilized world, and
all right-minded men are as one in deploring it, but
rejoicing that it was unsuccessful. There is not a
shred of evidence to justify the deduction that the
assault was anything more than the act of a disordered
person, brooding over imagined wrongs and seized
by the delusion that he was called to protect the coun
try from the third term. From that, as from all possi
ble evils, the country must protect itself by its own
good sense; an individual intervention is un-American
and exotic.
Yet there is one moral which the country ought not
to fail to perceive and ought not to shrink from con
templating: It is that this shocking incident of a
political campaign may be traced back to the haste,
the impulse and the excess which have long been Mr.
Roosevelt’s characteristics in both deed and word,
especially in his public deliverances. In language
which inevitably stirs class hatreds, exaggerates pres
ent evils and suggests to superficial persons violent
remedies, Mr. Roosevelt has been sowing dragon’s
teeth, though he may not have realized it. Appeals
to the passions rather than arguments addressed to
the reason are always dangerously exciting to weak
minds; and it should not be thought strange that the
intense glare of notoriety which Mr. Roosevelt so
delights in and has been carried by him nearly to the
breaking-point in the past eight months has moved
one unbalanced person to imagine himself called to be
a national deliverer. We shall miss the best lesson
of this affair if we fail to see that too sudden and
violent remedies and too strenuous methods of urging
them are not adapted to a representative and popular
government.
There is a suggestiveness in the prompt announce
ment that the Taft and Wilson central bureaus had
canceled the dates of their speakers, pending Mr.
Roosevelt’s complete recovery, and that henceforth
the campaign will probably avoid invective and adhere
closely or more closely to the principles involved.
This means that heretofore it has resembled a gladia
torial combat rather than an exposition of principles,
for the latter need not be withheld from presentation
because one combatant has been withdrawn. There
has been a flinging of epithets, and there have been
bitter personal attacks, as there were in 1884] for ex
ample. Has it been a public urging of national policies,
or have we been hearing such terms as liar and thief
bandied about? Confession that in the little time
left there shall be more calmness and more reason
seems to confess a lack of those thus far, andjpossibly
[VO L. L X X X X V .
the remarkable falling off thus far of registration in
this State indicates both disgust and apathy. If the
latter, the soberer part of the people do not believe
much which has been vehemently said; if the former,
the methods of the campaign seem condemned already.
Is there not a lesson for most of us, when we consider
the matter calmly?
What may be called the “ new” , and is plainly a fast
growing movement for better, agricultural work gets
a fresh reminder by the issue of an octavo volume of
1G0 pages by the University of Chicago, “ Agricultural
Development in the Public Schools.” This “ study of
its development, with particular reference to the
agencies concerned,” is by Mr. Benjamin Marshall
Davis, professor of Agricultural Education in Miami
University, and it has prefixed an introductory note
by Mr. Charles Hubbard Judd, director of the School
of Education in the University of Chicago. One is a
little surprised to read in the first sentence of the
book that the movement for agricultural education in
this country dates back to 1785, “ when associations
for the promotion of agriculture began to be formed; a
few years later, in 1792, mainly in response to the
agitation of these associations, colleges undertook to
provide for instruction in agriculture— first Columbia,
and then Harvard and Yale.”
Instruction then could hardly have gone much be
yond this in substance: scratch the soil, plant seeds,
keep down the weeds, gather the crops. The author
refers the real movement for scientific agriculture to
the year 1862, when the Federal Department of Agri
culture was founded, and he says it is estimated that in
the last twenty years nearly 100 millions have been
spent for agricultural research and education, mainly
through this Department. The first remark of Mr.
Judd’s introductory note is that “ agricultural educa
tion is the most widely and energetically cultivated
form of industrial education in this country at the
present time.” A table showing “ attitude of States
towards agricultural education in elementary and
secondary schools” names 18 in which it is required
by law, and 26 are named in which summer courses for
teachers were given in the agricultural colleges in 1911.
As men in professional or mercantile life in cities
reach advanced years, a desire to get on the soil is
common with them; with the children this desire is
almost universal, as proved by the eagerness with
which the city child is turned to amateur farming and
the cheerfulness which the country school child dis
plays when inducted into cultivating. A school
teacher in Iowa says that “ my boys who would not go
across the road for a song-book went two miles in the
snow to get some sawdust for a germinating box” ; and
one writer declares that every school-house ought to
have its laboratory room, for if the teacher cannot
do it, “ the room itself will teach.” Now, lie says, we
see children carrying only books to school; “ some day
they will also carry twigs and potatoes and animals and
tools and contrivances and other personal objects.”
Creation of a Boys’ Corn Club movement was under
taken in 1909 in a few counties in some Southern
States; over 12,000 boys were enrolled and in the next
year the total reached 46,225. In one Mississippi
county 48 boys averaged 92 bushels of corn per acre; in
one South Carolina county 20 boys grew 1,700 bushels
on 20 acres; another club of 142 averaged 62 bushels
per acre, several going above 100 and even above 150.
In 1910 Jerry Moore, of Winona, S. C., a boy not
fifteen years old, grew 228% bushels on one acre, this
OCT. 19 1912.]
THE
C H R O N IC L E
being said to be the second largest yield in the history
of corn production; on Dec. 12 1910 the prize-winners
from eleven Southern States had their trip of honor to
AVashington.
These accounts of the new movement which follow
one another are cumulative. We groan over the cost
of food; we deplore the drift to the cities, and there is
no direct and speedy mode of counteracting that; some
of us imagine that laws can transfer people from one
occupation and place of choice to another, and some
of us are liable to be deluded into trusting the unspeci
fied assurances of aspirants for high offices that they
can solve all the problems of living. Agriculture will
attract men only so fast as its rewards in money and
comfort increase. It is helpful to note evidences on
every hand that the first and most necessary line of
human labor is beginning to really “ find itself” in
respect to comparative powers of invitation.
Our foreign trade statistics continue to furnish evi
dence of expansion in both imports and exports. The
merchandise exports for September were a little
heavier even than in the month of last year, notwith
standing a very noticeable decline in cotton ship
ments. In the imports there was a very considerable
increase over 1911. In both cases, of course, the
figures constitute new records for the period. Cereal
produce makes a much more satisfactory showing
in the latest export statement than for many months
past, the aggregate value of the shipments having
been the greatest of any month since October 1908,
and in excess of September of any year since 1902.
This is due entirely, however, to the increased outflow
of wheat, as corn and flour went out less freely than
a year ago. The combined value of the breadstuffs
exports was 2 0 ^ million dollars, against only a little
over 1 3 ^ millions in 1911 and 9% millions in 1910.
Meat and dairy products shipments, on the other hand,
showed considerable diminution in value from a year
ago, cotton went out much less liberally and the cattle
and hogs outflow was almost nominal. Mineral oils
recorded a somewhat important gain this year and
cottonseed oil a moderate increase. Still, these vari
ous items, covering all the commodities for which
advance figures are given, furnish a total of only
$88,879,458, which compares with $97,480,781 for
September of last year. Contrasting with this decline,
we have a notable gain in the aggregate of other articles
of export (consisting largely of manufactures or ma
terial to be used in manufacturing), the total shipments
of which in September were $110,822,184, against
$98,317,866 a year ago. The grand aggregate of the
merchandise exports reached $199,701,652, against
$195,798,647 in September 1911, and for the nine
months of the calendar year they were $1,616,183,859,
against $1,455,501,334.
The September merchandise imports were $144,
862,343 and compare with only $125,171,644 in 1911.
the former record for the period; and the total inflow
for the nine months of 1912, at $1,333,125,577, exceeds
the aggregate for the like period of 1911 by 201 million
dollars. Needless to say, the large augmentation in
value of importations here shown occurred principally
in crude materials for use in manufacture, the gain
in which during the elapsed portion of 1912 reaches
approximately 80 million dollars, hides and skins
and India rubber being the most prominent contribu
tors thereto. The net result of our foreign trade in
September was a balance of exports of $54,839,309,
increasing to $283,058,282 the balance for the nine
1003
months of 1912. This compares Avith $70,627,003
and $322,584,149, respectively, for the corresponding
periods in 1911. The record nine months’ export
balance Avas that of 1908 ($432,269,181), the year of
depression here, Avhen imports were very much re
stricted .
Turkey did not await a declaration of Avar by the
Balkan States, but on Thursday, Oct. 18, itself issued
a formal declaration of hostilities against Servia and
Bulgaria. Greece Avas not mentioned in the official
communications delivered to the Servian and Bul
garian legations at Constantinople, and the Greek
Minister Avas in fact not requested to leave the Turkish
capital. This Avas at first interpreted as an indication
that Greece had determined to resign from the Balkan
league. All speculations in this direction were, Iioay ever, set at rest on Friday morning when the announce
ment came from Athens that not wishing to detach
herself from her allies, Greece had sent instructions
to her Minister at Constantinople to communicate
a declaration of Avar to the Porte. Greece at the same
time sent a fraternal greeting to the allied States.
Thus we have apparently the full measure of the real
Avar in the Balkans before us, Avith Turkey on the one
hand and Bulgaria, Servia, Montenegro and Greece
on the other. An important factor in the AveekV
developments Avas the signing of a final treaty of peace
by Italy and Turkey and the formal termination of
the Tripolitan war, Avhich, of course, removes Italy
as an ally of the Balkan States.
Having been unable to prevent the war, the efforts
of the European PoAvers are iioav being concentrated
on the task of preventing any spread of the conflagra
tion or the growing up of any untoward development s
which may involve other nations and create interfer
ence Avith the general European situation, Avhich is so
delicately balanced at the present moment. The chief
source of danger appears to be the attitude of AustriaHungary, Avhich is shoAving a disposition to reserve
full liberty of action and will not, according to reports
that have reached St. Petersburg, proclaim neutrality.
On the other hand, France has proposed to the other
European Powers an immediate conference to deal
Avith the war. There is reason to believe that the in
vitations to this conference will be in all cases accepted.
The reports from the various theatres of action are
of the usual character incidental to the opening of
hostilities. All contestants are sending forward the
customary reports of “ glorious victories,” and the press
arrangements are evidently not yet sufficiently com
plete to furnish accounts of an independent character.
The important factors in the war will undoubtedly be
the approach of winter and also the financial pressure.
All the Balkan States are so weak financially that they
may hardly be expected to stand the strain of prolonged
military operations. We discuss this latter feature,
in an article on a subsequent page. The opinion pre
vails in London that very little of a practical char
acter is likely to be heard of the European conference
until some important engagement has taken place.
Then, doubtless, the European Concert will reneAV its ef
forts to bring about peace on broad lines. Turkey has
withdraAvn a large sum of money, reported to be
$17,500,000, from Germany, according to a special
dispatch from Bucharest, Roumania. The money
it is alleged was deposited in Germany during the reign
of the Sultan Abdul Hamed, and Avas ear-marked ex
clusively for a war fund. Germany has consented,,
says the correspondent, to its delivery to the Ottoman
1004
THE
C H R O N IC L E
Government, and the gold is now on the way from Kustendje, Roumania, to Constantinople on board the
steamer Regele Carol I. The official declaration of
war deprives Greece of the services of the Chinese
cruiser she had arranged to buy at Newcastle. Four
destroyers which Greece purchased at Liverpool
shipped naval crews at Algiers and have started for
Greece as convoys to the steamer Macedonia, which
has on board Greek reservists from New York.
On Tuesday, Oct. 15, Turkish and Italian pleni
potentiaries signed at Ouchy, Switzerland, the proto
col of a treaty of peace, and yesterday (Friday) at
half-past three o’clock in the afternoon the final draft
of the treaty was signed, thus terminating the war be
tween Italy and Turkey. Such details as are to be
allowed to become public will soon be announced. It
is believed, however, that the treaty provides for, first,
absolute sovereignty of Italy in Lybia, without formal
recognition there of Italy by Turkey; second, free
exercise of religious authority by the Khalif; third,
Turkey to withdraw her regular troops from Lybia;
fourth, Italy to pay an indemnity equivalent to
Lybia’s contributions to the Ottoman treasury; fifth,
restitution of the captured islands to Turkey, with
guaranties for the Christian peoples; sixth, no indem
nity payable by either side toward the cost of the war;
and, seventh, re-establishment of former diplomatic
and commercial relations.
Italy under the agreement is, it is said, to
associate herself with the Powers in trying to end the
war in the Balkans speedily. She will also pay an
annual sum to Turkey, but the amount has not yet
been fixed. Kiamil Pasha, President of the Turkish
Council, in an interview at Constantinople on Tues
day evening declared that Turkey owed its defeat
to Egypt’s neutrality. “ If,” he added, “ we had been
able to send troops to Bengnazi across Egypt we should
have conquered.” The interviewer remarked that
the signing of the peace preliminaries would have a
great effect on the Balkan war. To this Kiamil re
plied: “ It comes too late. But for the Italian fleet
we might have been bringing troops from Syria to
Smyrna all these last weeks. Now the Greek fleet
replaces that of Italy.”
Cabled advices from Tientsin state that a renewal
of financial negotiations between China and the SixPower group is possible on condition that the amount
of the loan be reduced from $300,000,000 to $100,
000,000; that the salt revenue be administered in a
manner similar to that of the Chinese customs, and that
China be permitted to nominate a financial adviser
and a foreign inspector. In return for the foregoing,
China, the dispatch states, will guarantee not to bornow anywhere else until the bonds are sold out.
Charles Birch Crisp, the head of the $50,000,000 Chi
nese loan group, in an address at a meeting of the
directors of the Anglo-Russian bank in London, of
which he is Chairman, declared that the second half
of the loan would be issued after the disturbances
in the Balkans had quieted down. Referring to the
movement to compel China to pay up the arrears on
the Boxer indemnities, Mr. Crisp said: “ If the British
Minister at Peking continues to press China for the $20,
000,000 arrears on the Boxer indemnity, we will find
the money.” Mr. Crisp stated that part of his arrange
ment with China was the organization of a State Bank
with a capital of $10,000,000. One-half of this capital
s to be subscribed by the Chinese Government and
[VOL. L X X X X V .
the other half by five nations. There would be nine
directors, four nominated by China and five by sub
scribers to the capital of the Bank. “ If Great Britain,
the United States, France, Germany and Russia
subscribed,” continued Mr. Crisp, “ each would be per
mitted the appointment of a director, and this with an
English President would be an ample guaranty.”
This was evidently a reply to Sir Edward Grey, the
British Foreign Secretary, who, in response to a ques
tion in the House of Commons on Tuesday afternoon,
said there was no intention of forcing China to borrow
more than it wants, or at all, and how added: “ Loaning
to China without a guaranty for the proper expendi
ture of the money would impair the Chinese credit and
lead to bankruptcy and the intervention of the foreign
Powers.”
The revolt against Madero rule in Mexico has taken
new life and has again grown to threatening pro
portions. General Felix Diaz, nephew of Porfirio
Diaz, former President of Mexico, who is now exiled
in Paris, has taken the field against the Government
and has rallied around himself a large part of the Mexi
cans who are opposed to President Madero. It is
rumored, though not confirmed, that Orizaba, the
largest industrial centre in Vera Cruz, and Corbobo
and Jalapa have revolted and declared their intention
of joining the Diaz movement. The young general,
who is only 32 years of age, is reported to be in su
preme command of the country about Vera Cruz, and
is displacing Federal officers with his own men. Five
regiments, the bulk of Federal troops in that section,
have, it is stated, joined the Diaz colors and the new
leader is declared to have 3,000 troops under his com
mand, while the rebel troops loyal to his cause are
within forty miles of the City of Mexico. Doubts as
to the specific object of the Diaz revolt were removed
when he was proclaimed Provisional President by
Colonel Jose Diaz Ordaz, his cousin, and Commander
of the 21st Infantry stationed at Vera Cruz. After
a stormy session of the Mexican Congress on Wednes
day evening, during which Deputy Moheno demanded
the resignation of the Cabinet and was balked by the
President of the Chamber refusing to permit discus
sion, Moheno again on Thursday afternoon attacked
the Government and insisted that peace could come
to Mexico only through the resignation of Madero
or the intervention of the United States. His motion
was defeated. President Madero in an interview
minimized the movement under young Diaz and
reiterated his oft-repeated declaration that he would
not resign. He said: “ Undoubtedly the news of
the uprising under Felix Diaz has caused great
alarm, but it should not be given more importance
than it has, which in my judgment is not great. The
discontented will take occasion to call for my resig
nation from my post, but, as I have declared on other
occasions, the legality of the Government is undeniable.
Therefore I shall never resign before my term expires.
Only death can remove me from the Presidency be
fore that time.”
Building construction operations in the United
States in September 1912, while upon the contracting
scale usually witnessed in the fall of the year, never
theless indicate considerable activity in many sections
of the country. It is true, of course, that the esti
mated outlay for work projected in September this year
at 134 leading cities falls some 9 million dollars below
that for the corresponding period in 1911, but almost
Oct. 19 193 n ]
THE
C H R O N IC L E
half of the decrease is accounted for by a special opera
tion last year at Kansas City. We refer to the plans
filed for the erection of the Union Depot at that point
and calling for the expenditure of over 4 million
dollars. Then, too, the month lately closed witnessed
a marked decline at Boston from the extreme activity of
earlier recent periods, a statement equally true of the
Borough of Manhattan of Greater New York. These
three points account for more than the whole of the
decline this year, leaving the net result for the re
maining 131 cities a slight gain over 1911. This,
obviously, is a very satisfactory showing, especially
when antecedent activity is considered.
Our returns from 134 cities furnish an aggregate of
contemplated outlay of $69,339,560, or $9,000,823
(11.5%) less than for the month of 1911 but $2,732,871
(4.1%) in excess of 1910. Manhattan Borough, as
already stated, records an important decline from a
year ago—but this is in large part offset by gains in
all other boroughs, so that for the whole city the com
parison is between $14,447,378 and $15,991,624.
Outside of New York the prospective disbursements
under September permits total $54,892,182, as com
pared with $62,348,759 last year and $53,420,009 in
1910. At a number of the larger cities somewhat
conspicuous gains over 1911 are observable, notably
at Philadelphia, Pittsburgh, Detroit, Cleveland, In
dianapolis, Newark, Memphis and Oakland, and a few
of the smaller municipalities report intended expendi
tures much more than double those of last year. On
the other hand, the returns rom Kansas City, Boston,
Washington, Portland (Ore.), St. Paul, Cincinnati,
Los Angeles and Buffalo . evoal more or less heavy
percentages of decrease.
Interesting as the monthly exhibit is as an indicator
of the current trend of affairs in the bui ding industry,
it is of but slight importance as compared with the
showing for an extended period. The month’s total
falls below that of last year; the year’s to date is
moderately in excess of 1911 and greater than for any
earlier year. For the nine months of 1912 the antici
pated outlay at the 134 cities is, according to our
compilation, a little more than 741 million dollars, as
against 715 millions in 1911 and 682 millions in 1910.
For Greater New York the respective figures are 176%
millions, 152% millions and 162 millions, and for the
other cities collectively 565 millions, 562 millions and
520 millions. The results in the various sections of
the country, likewise, are quite encouraging. Twentyone New England cities show an aggregate gain over
1911 of 9 million dollars, thirteen on the Pacific Slope
an increase of over 10 millions, twenty-four at the
South an augmentation of a little less than a million;
and, notwithstanding less activity this year at such
important points as Philadelphia, Washington, Balti
more, Syracuse and Troy, the decline from a year ago
for the thirty cities (not including New York) that
make up the Middle section is barely three-quarters
of a million. In the Middle West (24 cities) a loss of
8 mi lions is shown, but excluding Chicago (where
operations were inordinately swelled last year in August
to get the advantage of an old building law) a gain
of 7 millions is seen. The loss of 3% millions in the
“ Other Western’ ’ section (21 cities), moreover, is
more than accounted for by the special operation in
1911, to which reference has already been made.
Canadian building operations continue on the same
active scale as tor many months past and present no
unusual feature. We have returns for September
from 22 cities in the Eastern Provinces and 20 in the
1005
newer Western country, and combined they furnish an
aggregate of projected outlay of no less than $20,412,
735, or $7,522,817 (58.4%) greater than a year ago.
For the identical 42 cities for the nine months an esti
mated outlay of $150,582,360 ($57,791,207 in the
East and $92,791,153 in the West) is reported, this
comparing with $107,285,581 ($44,440,048 East and
$62,845,533 West) in 1911 and 80% millions in 1910—
this latter being about equally divided between the two
sections.
The week has witnessed a substantial recovery in
the European markets, especially in Paris and Berlin,
where concert of action by the banks and bourse offi
cials has restored a condition of calmness and some
degree of confidence. Vienna seems the weakest
spot that is left after the world-wide disturbance,
and, to quote a usually conservative press corre
spondent, the market there is “ strewn with industrial
wreckage” caused by the fear of Austria becoming
involved in war with Russia. Saturday last, when
our own markets were closed for the Columbus holiday,
will long be known as a day of wild excitement and
severe losses on the European exchanges, though hap
pily without causing, on the surface at least, import
ant financial embarrassments. In London all classes
of securities were summarily sold, and there was a
repetition of recent experiences in which American
securities were heavily liquidated as a result of their
effective salability to provide funds for taking care
of securities that were less salable. Canadian Pacific,
which is held very largely in Berlin and on the Dutch
market, was under special pressure, and declined 13
points (expressed in New York equivalent) on the
London market, while on the same basis Union Pacific
declined 3% , Atchison 2% , Baltimore & Ohio 2% ,
St. Paul 2% , Reading 2% , United States Steel 2% and
Amalgamated Copper 3 points. Fortunately an active
—in fact, almost complete—recovery took place on
Monday in the London market before the New York
Stpck Exchange opened. Thus the new week both
at home and abroad started under improved condi
tions and, while a considerable amount of nervousness
remained, the final result shows that actual progress
for the better has been made in the general financial
situation in New York and at the foreign monetary
centres.
At both Paris and Berlin the banks intervened
to support the investment market. On Monday,
according to press dispatches, the panicky tendency
on the Berlin Bourse was checked by the energetic
action of the leading banks, which, after a meeting,
announced their intention of taking over as far as
possible all securities of a legitimate character thrown
on the market. This step at once led to recoveries,
notwithstanding the contemporaneous news of the
Turkish invasion of Servian territory. At Paris on
Monday there was also concerted effort of French
financial leaders and of the Government to check what
was called an unjustified panic. Combined support
by the French banks relieved the Paris Bourse’s posi
tion at the mid-monthly settlement, and Paris cable
advices announced that a prohibition had been placed
by the Bourse authorities upon short selling to the
extent that it became obligatory upon the sellers
to show the scrip or evidence that they had in their
possession the securities they were offering for sale.
Russian industrials were among the chief sufferers,
but later St. Petersburg banks relieved the situation by
their activity in taking care of this section of the
1006
THE
C H R O N IC L E
market. French rentes on Monday fell below 88
(87.973^), which is the lowest quotation recorded
since the German war scare of 1890. British consols
declined to 72)^, thereby establishing a new low record
on their present basis. In Berlin on Saturday the
fall in prices ranged from one to four points in Gov
ernment stocks, 2 points in bank stocks and from
20 to 25 points in industrial shares.
While semi-official assurances on Monday that the
Balkan war would be localized and not permitted to
involve the European Powers were largely responsible
for the improved conditions, the official news on
Tuesday that peace preliminaries had been signed
between Italy and Turkey was a more effective in
fluence. It was recognized at once that this develop
ment would have a potential influence in limiting the
spread of the Balkan disturbances. So long as Italy
continued at war with Turkey, it necessarily became
an ally of the Balkan States that are in revolt. But
with the removal of Italy none of the Great Powers is
actively participating in the Balkan conflict and the
movement of the Powers to localize the contest and
seek means of securing a satisfactory compromise can
proceed, therefore, without irritation. In financial
circles in New York, as a result of this reasoning, the
Balkan troubles fell to a very minor position as an
influence in stock market calculations. It seemed
to be argued quite generally that European selling
of American securities had run its course and that if
this proved to be the case, then the only interest that
the American market could reasonably have in the
general foreign situation, aside from the sympathetic
movement which always prevails among the financial
centres of the world, would be the return of conditions
that would mean the re-purchase of the securities that
Europe since the outburst of the Balkan troubles
has so freely sold. There does not, it must be con
ceded, appear at the moment prospect of such action.
European official discounts were generally advanced
this week, the Bank of Belgium starting the movement
by an advance to 5% from 4% , on Wednesday. The
Bank of England formally announced a 5% rate on
Thursday— an advance from 4 % —though the increase
for all practical purposes was in effect on Tuesday
as the Bank at that time refused to take bills at lower
than the new rate. The Bank of France followed
the Bank of England on Thursday by an advance of
33d>% from 3% and private cables from very high
German sources have been received in this city
stating that the Imperial Bank of Germany will shortly
name a 5% rate in place of 4J4% that is now current.
All these advances, of course, testify to the acute
strain that has developed throughout Europe. Private
bank discounts are also correspondingly higher. In
Lombard Street the market rate for short bills, as
reported by cable yesterday, was 444%, while for
ninety day bankers’ acceptances the closing quotation
was 4)4 @ !%%• A week ago the quotation for sixty
day bills was 3 % % @ 4 % and ninety day bills 4@ 4 % % .
Bills to arrive are now quoted at virtually the same as
the spot figures .A week ago the forward rates were
434@ 4)4% for sixty day and 4% % for ninety days
and these rates were conditional upon the bills arriv
ing in advance of any increase in the Bank of England
rate. As they could not arrive before next Monday,
however, bills that were forwarded by last Saturday’s
steamer will, in most instances, be subject to an
additional )4 % discount, representing, as we ex
plained in the “ Chronicle" last week, a division of the
L XXX \
1% advance by the Bank between the contracting
parties. In Paris the open market rate, as reported
by cable yesterday, was 3)4% for spot bills, which is
above the new rate quoted by the Bank, while
bills to arrive were 3 % % - Last week the private rate,
as well as the official rate, was 3% . The open market
rate in Berlin closed yesterday at 434% for sixty
day bills and 434% for ninety day bills with quotations
for bills to arrive 34% above these figures. A week
ago 434% was the spot rate for all maturities. Amster
dam quotes 334% as the open market rate while
Brussels closes at 4)4% • The market rate in Vienna
has advanced 44% during the week, to 5% , which is
also the official rate. The official bank rates at the
leading foreign centres are London 5% ; Paris 334%;
Berlin 434%; Vienna 5% ; Burssels 5% ; Amsterdam 4% ;
Bombay 4% , and Bengal 3% .
The weekly statement of the Bank of England
showed a further release of cash to the market, repre
sented by a decrease of £998,000 in public deposits.
There was also an increase of £650,000 indicated in
the loan item. This brings the total amount of out
standing loans up to £34,105,000, which compares
with £28,242,725 one year ago and £28,961,771 in
1910.
A loss of £347,689 was shown in gold coin
and bullion, but the Bank still is in a strong position
in this respect, as it holds £37,565,796, comparing with
£37,360,921 at this date last year and with £31,985,
352 in 1910. The total reserve was increased by
£195,000, bringing the total up to £27,387,000, com
paring with £27,141,706 one year ago and £22,802,172
in 1910. Notes reserved registered an increase of
£236,000, notes in circulation a decrease of £543,000,
while ordinary deposits increased £1,498,000. The
proportion of reserves to liabilities is now 48.75%,
against 48.84% last week and 52.40% one year ago.
Our special correspondent furnishes the following
details of the movement of gold into and out of the
Bank for the Bank week: £486,000 (of which £6,000
Bank for the Bank week: Imports, £486,000 (of
which £6,000 from Australia and £480,000 bought in
the open market); exports, £1,238,000 (of which
£325,000 to Egypt, £400,000 to Brazil, £100,000 to
France, £113,000 to Bremen, £280,000 to Continent
and £20,000 to miscellaneous destinations), and re
ceipts of £401,000 net from the interior of Great
Britain.
The Bank of France reported a decrease of 4,308,000
francs in gold and 2,619,000 francs in silver. That
the higher Bank rate was necessary is clearly suggested
by an increase of 186,200,000 francs in the discounts.
General deposits registered an expansion of 143,700,000
francs, treasury deposits increased 22,675,000 francs
and advances decreased 14,625,000 francs. Comparing
with last year, the Bank still remains in a strong posi
tion, although in contrast with the year preceding
the showing is not quite so favorable. The stock
of gold is 3,230,774,000 francs, as against 3,123,
775,000 francs at this date in 1911 and 3,339,700,000
francs in 1910. The silver stocks are lower than both
years, amounting now to 753,585,000 francs against
799,500,000 francs in 1911 and 837,150,000 francs
in 1910. Paris cables state that both the official
Bank and all the large French institutions are con
tinuing their recent policy of refusing to pay out gold
except for unusual purposes. The French Bank’s out
standing circulation now amounts to 5,442,577,000
francs, comparing with 5,418,602,350 francs and 5,
257,909,015 francs in 1911 and 1910. respectively.
Oct. 19 1912.]
THE
C H R O N IC L E
General deposits are 072,923,000 francs, against
587,328,174 francs and 577,714,705 francs in the two
preceding years. The Bank’s discounts aggregate
1.517.321.000 francs, comparing with 1,542,903,077
francs in 1911 and 1,026,237,016 francs the year pre
ceding.
The weekly return of the Bank of Germany, which
was promulgated on Thursday, was an exceptionally
strong document in view of the strain in the general
European financial situation. The gold on hand regis
tered an increase of 31,677,000 marks and gold andsilver
combined of 54,078,000 marks. Meanwhile there was a
decreasein thediscounts of 158,487,000 marks and a com
paratively small increase in the loans of 2,603,000 marks.
Notes in circulation indicated a contraction of 163,
009,000 marks and treasury bills a reduction of 39,000
marks. The aggregate of the stocks of gold and silver
is now 1,197,909,000 marks, which compares with
1.041.720.000 marks in 1911 and 950,840,000 marks
in 1910. The loans and discounts together are 1,509,
487,000 marks. A year ago they aggregated 1,359,
880,000 marks and in 1910 1,280,100,000 marks.
The outstanding circulation is 1,942,244,000 marks,
against 1,897,580,000 marks in 1911 and 1,719,520,000
marks in 1910.
The local money situation, while evincing no im
portant relaxation, has nevertheless not shown
evidence of particular strain or nervousness on the
part of borrowers. The interior demand has not been
as active on New York as was the case last week;
although at Chicago New York funds are again quoted
at a slight discount, namely 15c. per $1,000. The
South is continuing to require funds for the cotton
movement, but there is no indication thus far of any
important withdrawals of Canadian money, although
New York exchange at Montreal is again at par,
which compares with a premium of 31 }4C- a week ago.
The steamship “ Adriatic” , which arrived last Satur
day, proved to have on board $2,275,000, instead of
$1,120,000 in gold bars, as had been reported by cable
last week. In addition the steamship “ Caronia” ,
which arrived on Monday, brought $805,000 in gold
thus making the total of the current inward move
ment $7,480,000 and, so far as has been reported, com
pleting the importation. The new arrivals will, of
course, appear in this week’s bank statement,which, in
view of the favorable sub-Treasury movement, should
be a fairly satisfactory one unless loans have been
again permitted to run up. Of course, with the
higher bank rates abroad and the necessity of paying
for the large volume of American securities that has
been sold by foreign holders, there is no likelihood of
additional engagements of gold at London for New
York account and New York was not interested in the
South African gold, amounting to £613,000, offered in
the London auction on Monday. Of the total, £150,000
was obtained for India and the remainder apparently
went to the Bank of England, as no other outside
bids were reported.
The range covered by call money this week has been
3 @ 5 % , the higher figure being quoted each day.
On Monday 4^g% was the lowest and 5% the ruling
rate; on Tuesday 4)^% was the lowest and
tlie
renewing basis; on Wednesday and Thursday 3%
was the minimum on each day, while 4 % % continued
the renewal rate on Wednesday, but was reduced to
4M % 011 Thursday. Friday’s range \.x/ i@ 5 % , with
4 % % remaining the ruling figure. Time money
closed fractionally higher for the week for the earlier
1007
maturities. Final quotations were 5 F £ @ 5 ^ % for
sixty days; 5 % % f ° r ninety days; 5F£@ 5% % for
four months; 5jdj% for five months, and 5 }4 @ 5 }4 %
for six months. Boston and Philadelphia banks have
been lending rather freely at this centre this week.
Mercantile paper is not offering with any degree of
activity, although out-of-town institutions have been
available as buyers on a moderate scale. Discounts
continue on a 6% basis for choice six months' names
and also for sixty and ninety day endorsed bills re
ceivable. In exceptional instances 5 % % may
available. Names not classed as choice remain at
The market for sterling exchange has been erratic
and highly nervous. This is not surprising in view
of the general advance in foreign official discount rates
and the early-week intimations that such an advance
was to come. There has been quite an amount of
manipulation in buying and selling demand bills.
One local institution in particular has succeeded in
upsetting conditions, seemingly for the purpose of
covering short commitments. It would bid for ex
change quietly and after securing a fair supply would
spectacularly sacrifice a part of its purchases. This
process it repeated several times during the week.
But notwithstanding the higher discounts abroad
and the active demand for remittances in connection
with the sales of American securities by foreign holders,
the market has not advanced very sharply. On Mon
day and Tuesday there were substantial gains, but
the trend during the latter part of the week was down
ward. Grain and cotton bills are now offering freely,
and there is a disposition in sterling exchange circles
to operate on the theory that we are this year to have
an early and protracted outward movement of both
grain and cotton. Our exports are continuing at
record-marking proportions; but so are our imports.
Therefore the net influence on the market for sterling
exchange is not marked on either side. Demand
sterling in Paris, after declining to 25.21 francs on
Monday, closed at 25.25 francs, comparing with
25.26Yz francs a week ago and the London check rate
in Berlin closed at 20.50]4 marks, which represents an
advance of 34pf •for the week. The Berlin check rate in
Paris closed at 123.12 francs, a further reduction of
13 centimes net for the week, indicating a continued
movement in favor of France. Paris is reported by
cable to have been selling St. Petersburg exchange
very freely in Berlin in connection with the movement
of the Russian banks to aid the French market to
care for the Russian industrial shares that have been
under such distinct pressure.
Compared with Friday of last week, sterling ex
change on Monday (Saturday was a holiday) was very
firm; the market was feverish and excited, with an
early advance of about F£c. on the complications in
the Balkan situation and the prospects of an advance
in the Bank of England rate; before the close there
was a slight reaction, owing to large offerings of grain
and cotton bills and the final range was 4 8595 @
4 8605 for demand, 4 8635@4 8645 for cable transfers
and 4 8170@4 8180 for sixty days. Sterling opened
strong on Tuesday and the advance was continued,
with demand at 4 8605 @ 4 8615, cable transfers at
4 8645@4 8655 and sixty days at 4 8190@4 82. The
upward movement was checked on Wednesday; there
was a weaker undertone and rates declined, on the
easing of London discounts, due to more favorable
conditions abroad and heavy offerings of bills, to
1008
THE
C H R O N IC L E
4 8580@4 8590 for demand, 4 8630@4 8640 for cable
transfers and 4 8175@4 8185 for sixty days. A further
decline attended the opening Thursday on the
continued large offerings of cotton and grain bills,
although later the market rallied on buying by a
prominent national bank; the rise in the Bank of
England rate to 5% had little effect, having been
discounted earlier; demand closed lower at 4 8575 @
4 8585 and cable transfers at 4 8625 @ 4 8635; sixty
days was unchanged. On Friday there was an irregular
tone, and closing quotations indicated a further loss of 5
points. Final quotations were 4 8170@4 8180 for
sixty days, 48570@48580 for demand bills and 4 8620
@ 4 8630 for cable transfers. Commercial on banks
closed at 4 79% @ 4 81% and documents for payment
4 8 1 % @ 4 82% . Cotton for payment ranged from
4 81% to 4 81%, grain for payment from 4 8 1 % @ 4 82.
The New York Clearing-House banks, in their oper
ations with interior banking institutions, have gained
$137,000 net in cash as a result of the currency
movements for the week ending Oct. 18. Their re
ceipts from the interior have] aggregated [$9,464,000,
while the shipments have reached $9,327,000. Adding
the Sub-Treasury operations and the gold imports,
which together occasioned a gain of $1,100,000, the
combined result of the flow of money into and out of
the New York banks for the week appears to have
been a gain of $1,237,000, as follows:
Into
Banks.
Out of
Banks.
Banks’ Interior movement.............Sub-Treas. oper. & gold 1i.ports___
SO,461.000
27,800,000
$9,327,000 Gain
20,700,000 Gain
Total............... ........... ...............
$37,204,000
Week ending Oct. 18 1912.
Net Change in
Bank Holdings.
5137,000
1,100,000
530,027,000 Gain $1,237,000
The following table indicates the amount of bullion
in the principal European banks.
Oct. 17 1912.
Banks of
England..
France ..
Germany..
llussia__
Aus.-Hun.
Spain----Ita ly ___
Netherl’ds
Nat.Belg
Sweden ..
Swltzerl’d.
Norway ..
Gold.
Silver.
£
£
37,505,790
129,230,800
43,271,650
155,943,000
51.923.000
17.227.000
42.512.000
12.576.000
7.702.000
5.413.000
6.981.000
2.142.000
Oct. 19 1911.
| Total.
Gold.
| Silver.
£
37,505,790 37,300,921
30.143,520 159,374,320 124,951,120
16.300.000 59,571,650 33,416,350
0,758,000 102,701,000 143,344,000
11.123.000 63.046.000 54.485.000
29.550.000 46.777.000 16.662.000
3.533.000 40.045.000 40.220.000
520,500 13,096,500 11.851.000
3.881.000 11.643.000 6,590,667
5.413.000 4.740.000
6.981.000 6.447.000
2.142.000 2.222.000
£
£
Total.
£
37,360,921
31,979,846 156,930,960
13,670,100 52,086,450
6.326.000 149,670,000
11.695.000 66,180,000
30.415.000 47.077.000
3.550.000 43.770.000
1,091,100 12,942,100
3,298,333 9.895.000
4.740.000
6.447.000
2.222.000
Total week 512,547,216 101,809,020 614,356,206 487,296,058 102,025,373 589,321,431
Prev. week 511,521,152 102,158,153 013,679,305 488,416,512 102,100.570 590,547,083
THE EASTERN WAR.
The war in the Balkans, which had already in effect
broken out last week, through the demonstrations
of Bulgaria and Montenegro against Turkey, has
now begun in form. The conclusion of peace between
Italy and Turkey last Tuesday was the signal for open
declaration of hostilities in the other conflict. On the
following day the Turkish Government submitted to
the three Balkan States and Greece a demand that
within twenty-four hours they withdraw and apolo
gize for their note of last week to the Porte, which was
characterized as insolent. Obviously, nothing else
was expected than refusal of the smaller Powers to
accede to this demand, and, in fact, Bulgaria’s imme
diate response, on reception of the note, was formal
declaration of war against Turkey. This was followed
within twenty-four hours by the declaration of hos
tilities between Turkey and Servia, Montenegro and
Greece. Fighting has already begun on the borders
of these various States, and small battles, with varying
results, have occurred, not only on the Montenegrin
[VOL. L X X X X V .
and Servian frontiers but along the boundary line
of Greece. The war is therefore fairly under way, and
in due course an engagement of some real consequence
is to be expected.
The war situation is undoubtedly simplified by the
peace with Italy— a fact recognized by the European
stock exchanges, where prices of the bonds of the
various governments, belligerent and non-belligerent,
had fallen two to nine points during the fortnight of
war preparations (they touched their lowest figures
last Monday), but where a recovery of two to three
points ensued on the first clear intimation of the peace
with Italy. It is noteworthy that the Italian terms of
peace were not altered from those submitted weeks ago
to the Turkish negotiators in the conference in Switz
erland. Those terms in substance provide for the au
tonomy of the contested province of Tripoli, for the
sovereignty of Italy over that province, and for the
payment of a moderate indemnity by Italy to Turkey
in exchange for this territorial cession.
That Italy allowed its terms of peace to remain un
changed is undoubtedly to be explained by the atti
tude of the neutral Powers. On general principles,
one might have imagined that Italy would have im
posed some new exactions; indeed, the curious fact
that the King of Italy is the son-in-law of the King of
Montenegro had led some people to infer that Italy
might actually lend a hand to the Balkan principali
ties. But the obvious truth was, that continuance of
Italy in the field as a belligerent would have inevita
bly caused grave complications, especially if, as would
not have been improbable, Italy had demanded of the
Powers the right to land on the Turkish coast and as
sist the Balkan armies in their campaign. This would
have directly involved European Powers, both in the
struggle and in the after negotiations. As matters
now stand, this danger is averted. Italy is undoubt
edly glad to be rid of a vexatious military campaign,
while Turkey, on her side, is free for operations in
the Mediterranean. Turkey will, in fact, be benefitted
not only by its better control over its military re
sources, but through its opportunity for demonstra
tions against Greece on that country’s exposed seacoast.
When one considers the outlook for military results
in the campaign which has now begun, there are the
usual uncertainties and perplexities. The prevalent
London estimate concedes an available force of about
1,025,000 men for the Turkish army and a total of
something like 700,000 men for the four States of
Bulgaria, Servia, Greece and Montenegro, with nearly
half a million more in the doubtful case that Roumania
were also to ally herself with them. Both Turkey
and its antagonists have in hand an accumulated
armament whose quality remains to be tested. The
armies on each side are reported to be in a fair state
of discipline and training. The handicap of the Balkan
States lies undoubtedly in the fact that they are con
ducting offensive warfare, and must therefore appar
ently maintain their troops in the enemy’s country.
The handicap of Turkey lies in the fact that its mili
tary forces are scattered throughout the Empire—in Europe, Asia and Africa— and cannot readily be
concentrated. If the question were to arise of power
to draw further on the ultimate reserve forces, Turkey
on paper enjoys a great advantage; its population of
some 24,000,000, all told, comparing with not much
more than 10,000,000 in the Balkan States and Greece.
But presumably the problem has to do, not with popu
lation, but with militar forces efficient at the moment.
O c t . 19 1912. j
THE
C H R O N IC L E
Again, there remains to be considered the extremely
important problem of financing the war. In some re
gards, the aspects of this problem in the present in
stance are unique. No fixed sum can be named
as the necessary cost of war. In recent wars it has
ranged as low as $150,000 per day for one belligerent
and as high as $1,000,000 per day. The cost of any
campaign would necessarily be determined by its
character, and in the present case the probability
would seem to be that the expense of conducting the
Balkan war will lie somewhere midway between the
cost of such a war as that in Manchuria and the cost
of the much cheaper Turco-Italian campaign.
All the belligerents in this case are "poor nations,”
in the sense of having little or no reserve of available
capital on their own markets for use in war. All must
apparently rely for the most part on the European
money markets. But in this respect the extremely
singular situation exists that, with the exception of
Bulgaria, every one of the present belligerents is
virtually in the hands of its creditors. In Turkey,
Servia and Greece the public debt is administered by
an international commission; that having been the
requirement under which advances were made by
foreign markets at a time of practical Government
bankruptcy. Bulgaria has fair credit on the Conti
nental markets, Greece has all but none. Servia has
been a borrower very recently, but only on the explicit
pledge of certain State resources, and on the explicit
understanding as to the kind of expenditure to which
the proceeds of its loans should be devoted.
Here is an odd enough situation as regards the
problem of raising further loans for a heavy and con
tinuous war expenditure. The problem is certainly
not diminished by the fact that the great European
Powers and the great European financiers are alike
united in disapprobation of the policy of the Balkan
provinces in provoking war. The Turkish Empire,
too, has its finances largely under the supervision of
a foreign commission; but in this case, as in the case
of the Italian war, it is not an unimportant considera
tion that the war was provoked by Turkey's antago
nists, not by Turkey itself. It is not as easy or
logical to deny credit facilities for the conducting
of defensive war as it is to refuse them to an obsti
nate aggressor.
It is too early for any intelligent conjecture as to
what must be the effect of this singular fiscal situation.
On general principles, it has long been recognized
that, in one way or another, any government can
carry on war and raise the money for it. As a rule,
the experience of the Transvaal Government is pointed
to. But the difference between a defensive cam
paign such as that of the Transvaal Bepublics, waged
in a territory familiar to the defenders and Avholly
unfamiliar to the invaders, and a contest such as is
now under way in the mountains of Macedonia, is
sufficiently obvious. One natural enough inference
would be that the present war must be short and soon
decided, unless the financial question is to become a
serious handicap.
But this is to assume that certain results will be
achieved at once, either by Turkey or by its oppon
ents. The problem of the Balkan armies is three
fold— to capture the garrisoned frontier positions of
the Turkish Empire; to advance far enough to make
serious demonstrations on the Turkish cities; or to
capture a really important Turkish army. As modern
warfare goes, the third achievement would be the
most effective. The surrender of a large and power
1009
fully organized army force would mean a settlement
of the war. Entire rout of a Turkish army would
accomplish the same result, as it did in the case of
Greece in 1897.
As to just what the probability is of any of these
results, the next few weeks will show. In a military
sense, the immediate problem of Turkey clearly
enough is, first, to prevent the conjunction of the
Bulgarian and Servian armies, and then to fight a
defensive campaign until the arrival of its outstanding
re-enforcements. The reassuring fact in the situation
as it stands is that the neutral States are acting con
certedly to keep their hands off, and are determined
to localize the area of the war. There is no reason to
suppose that this attitude of the larger Powers is
pursued in anything but the best of mutual good faith.
Friction and trouble undoubtedly may follow when the
time comes to arrange the terms of peace. But that is
looking pretty far ahead.
PRAGMATISM IN BUSINESS AND IN POLITICS.
We are indebted to the late Professor William James
of Harvard University for a term which after having
had a rather long and somewhat shadowy and sub
liminal existence, has now found wide acceptance.
Pragmatism, his new term in philosophy, exalts the
actual and effective value of forces or phenomena in
the material world above all theory or matter of
detail. It emphasizes the fact that no phenomenon
can appear, become mighty, and persist, unless it
develop in accordance with natural law, and be for
the ultimate good; and that the proof that it has this
character is to be sought in its obvious usefulness.
It will be found to work, and to work beneficently.
Otherwise, it has no validity, and will prove to be
unsound and futi c.
This is not a mere iteration of the brutal aphorism
that "nothing succeeds like success” . Nor does it
mean that "whatever is, is right.” if it only has existed
a good while and has prospered. It does mean that
the plan of the universe is progressive; that cause lies
everywhere1 close to effect; and that the best way to
estimate both methods and forces is to wait for results,
and then as quickly as possible to gather them up and
study them in re ation to their p ace in the general
scheme of things.
The air is full of new economic and political doc
trines; some are refurbished old ones, many are brandnew. All are pressed with the heat of a great political
campaign, and all alike crowded upon a business
community driving ahead at a tremendous pace,
with perils on every side, anxious chiefly to be un
disturbed. Because the business world cannot stop;
because the decisions that are to be made by the whole
people are so critical, responsible men want to know
to what to commit themselves. They need light.
Here is where Pragmatism comes to our help. It
sweeps away the cobwebs and windy sophistries of the
politician and the doctrinaire.
We have been making history so fast that, happily,
we have already no lack of results with which to test
most of the new schemes. We know pretty well, for
example, what the big industrial corporations and
trusts can do, and what they cannot do. They can not
secure their own success and existence except by
meeting substantially the same conditions as apply in
all business.
That is, no mere bigness or extent of
combination will guarantee success. Of the thousands
of listed "industrials,” how many have long since
passed out of existence? And what notable failures
1010
THE
C H R O N IC L E
[VOL. LXXXXV.
some of the biggest have made! Witness the original its way, now that it has become both fundamental in
Salt Trust, the Bicycle and Cordage, not to mention philosophy and obviously convincing in daily life.
numerous others still struggling, but certain to meet Out of the noise and confusion is coming wisdom.
their doom. Some writers have gone so far as to Ex tenebris Lux. Big business will continue big, and
say that “ in not one case” have successful trusts the State will continue bigger; while the people will
gained their power and wealth by the power of com be biggest of all, as the welfare of each is found more
bination. Something more is necessary. Therefore, clearly to be bound up in the welfare of all. There
we recognize that they can do this, and herein lies will be always more room for new ideas and less fear
their value, they can promote efficiency. They can of ill-digested schemes as it comes to be understood
discover, develop and give opportunity to brain power, that they must, one and all, meet the test of proved
and in this way furnish better and cheaper goods than effectiveness and enduring worth.
cou d otherwise be produced. For this reason they
ACCOMPLISHMENTS OF RAILROAD
mark the genuine development of industry and will
REPRESSION.
continue in ever increasing efficiency.
Just now there appears, as if somebody deemed it
There are some things also which the big financiers
can do, and some which they cannot do. Three big relevant and helpful campaign matter, a resume
Wall Street groups arc said to represent five hundred headed “ The Inter-State Commerce Commission: What
millions of dollars of available capital each, while It Has Accomplished.” The heading further says the
the stocks and bonds of railroad and industrial corpora Commission “ has steadfastly refused rate advances
tions aggregate, say, 30,000 millions. The deposits in since its powers were enlarged,” and the Washington
what are called the “ trust banks” amount to 700 correspondednt who forwards the matter somewhat
or 800 million dollars, while the deposits in the banks naively begins by remarking “ that the Inter-State
of the country foot up in the neighborhood of 16,000 Commerce Commission is certainly not pro-railroad as
millions. These financiers and these banks can have is clearly suggested by its own record since 1910.” The
wide influence manifestly on’ y as long and so far as summary of the showing is that 167 cases have been
they inspire personal confidence both in their integrity docketed since 1910, of which 85 are still pending;
and in their wisdom. The greatest financial com of the others, 31 cases have been dismissed, advances
bination can permanently continue only so long as it have been forbidden in 32 cases, and in 19 cases ad
can secure public confidence. On the other hand, vances have been approved, although some of them
these great comb’nations can do for the individual were only approved in part.
The cases in the list given arc designated by num
business and for the country at large what could not
bers.
It is not necessary to look at them particularly,
be done without them, namely furnish the capital in
large sums which, from time to time, are, to the State, but it is significant that this long and monotonous
the town, the manufacturer and the tradesman essen string of advances refused and suspension orders dis
tial for their current needs. The tremendous develop missed (in many instances because the proposed ad
ment of the country in all that belongs to its general vances had been withdrawn) is apparently presented,
material well-being has been in this way accomplished. and doubtless will appear to many people, as a favor
By their agency alone has the capital of the country, able account of stewardship. It confirms what has
pub ic and private, been made available, since the been already noted in the “ Chronicle” : that the mem
time when Jay Cooke made the famous and critical bers of the Commission have been increasingly taking
“ 7.30” issue of the Government a success, to to-day, the attitude of advocates instead of judges, as well in
when the Steel Trust has secured the co-operation of their arguments and reasons assigned as in their de
some 150,000 different stockholders putting their cisions themselves. It may be that they have not
misconceived the expectations held about them by
money into its administration.
We have learned also that legislation can do some persons who seek their intervention; but it is clear that
things and .cannot do others. It cannot take away they have misconceived their real position and the
from individuals the ownership and control of then- intent of the law as well. Instead of representing the
own property. It has tried it in two or three notable whole country, including therein the railroads and all
cases and has conspicuously failed. It is sufficient interests which are interwoven with those, these men
to mention the Sugar Trust, Standard Oil and American have conceived themselves to be virtually attorneys
Tobacco. The original owners have been compelled for the complaining shippers and “ against” the carriers
to change the form of their ownership, but the actual all the time.
Stated a little otherwise, the Commission has con
result to themselves all the world knows. Also the
pressure of restrictive legislation cannot secure effici ceived its function to be, not to hear cases openency. Witness the long and painful history of Chicago mindedly and establish justice, but to put down rates
Gas and of the Chicago street railways, not to go any and keep them down. It has not been thus admitted,
further. On the other hand, much can be done by but it has thus worked out. A very close likeness to it
careful, well-considered legislation that guides and is furnished by the laws which have undertaken, in sev
protects channels of proper development, provides eral States, to establish rating-boards for fire-insur
adequate supervision and such publicity as will guard ance. The law blandly empowers the board to revise
against selfish perversion, and secures the good will rates upward, if found too low, yet in every instance,
of a community which sees its interests subserved, the revision has been downward, and evidence that
as was done, for example, in the adjustment of the reduction was intended and expected is abundant.
For the latest instance, the Kentucky rating board
Traction situation in Chicago.
The lesson of all this is that the “ pragmatic” test has issued its first order, which, it says, is expected
will surely be recognized in time, and will be effectively to make an average cut of 25% on dwelling property
applied in the whole country. We may have “ crazy in city or country and save a quarter-million annually
doctrines” proclaimed in the political platform and to the insuring public. This order is to take effect
made plausible by voluble orators, but the people arc Nov. 1, and in promulgating it the Chairman of the
learning. The test of experience and of fact is winning board said the schedule of mercantile risks and special
O ot. 39 1912.]
THE
C H R O N IC L E
hazards would next be taken up, “ and he hoped a con
sideration of the rates upon this class of property would
justify the board in making a schedule that ivould likeivise reduce the rates upon it.”
The animus of “ regulation” is sufficiently dis
closed as being reduction. The effect has been to deny
relief to the roads, while their employees, with vir
tual, if not positive, assistance from the general public,
and often with the aid of some member of the Com
merce Commission, have been forcing wage advances
upon them. It is merely a statement of primary arith
metic (which has been made over and over, and perhaps
fails to impress people because of its very simplicity)
to say that this pressure from one direction, and this
barring of escape along what is naturally the line of
least resistance, weakens the roads financially, and
impairs their ability to provide the new capital needed
for their development and that of the country.
This is a financial view of the situation, and it un
happily seems that a considerable part of the whole
public takes small concern whether the roads are
financially thriving or the opposite; but they do
rather strenuously demand that the roads shall keep
up service and increase it as needed, and this pre
sents an aspect to which nobody can profess indiffer
ence. Under a financial pressure, the roads find diffi
culty in keeping up (not to mention increasing) their
physical resources for carrying; moreover, the larger
work they have to do the more new equipment they
need for doing it and the more the existing equipment
wears out. Here we are congratulating ourselves on
the huge crops of the year, and so much so that the
Taft campaign begins to read encouragement in the ex
pected aid of the feeling of “ prosperity” ; but along with
it come questions and doubts, which seem to grow
week after week, whether the carriers will be able to
handle the product. Suppose not; should any reason
able person be surprised or have difficulty in under
standing why?
The soil stands loyally by the United States; the
elements stay friendly, even the frosts holding off;
but what are we to do in our embarrassing abundance?
Here is the practical side of the subject which not even
the non-capitalist can pretend does not concern him.
How is the nation to use its powers and grow, if, in
obedience to the cackle of political adventurers, it
shackles its own bodily members?
GREAT NORTHERN’S FAVORABLE RESULTS.
The Great Northern Railway Co. in its annual
report for the year ended June 30 1912 makes a
strikingly good showing, both as regards gross and
net results, and particularly in comparison with the
twelve months preceding. This is the more note
worthy as conditions were by no means altogether
favorable. The spring-wheat crop of last season in
the territory traversed by the lines of the system was,
doubtless, somewhat larger than in the previous sea
son, but the crop was short in both of those years, and
the traffic from the same, presumably, less than the
normal. It is evident, too, from the statement in the
report to the effect that the lumber traffic decreased
as compared with the year preceding, that traffic con
ditions were not altogether satisfactory, in some other
directions. Doubtless, the wonderful revival of the
iron and steel trade added greatly to the company’s
tonnage in iron ore, though the haul on this is not
very long, such traffic moving mainly from the ore
beds in Minnesota to the head of the Great Lakes.
1011
Then, also, the system had increased competition
to contend against on the part of the Puget Sound line
of the Milwaukee & St. Paul. The Northern Pacific
would be apt to suffer more seriously from that cause
than the Great Northern by reason of the closer
proximity of its lines to the route of the new com
petitor, but the Great Northern could not escape
because the new extension touches its line at a number
of important points. In the previous fiscal year the
Chicago Milwaukee & Puget Sound cut into the freight
traffic of the two older systems, but had not yet
begun to develop its passenger traffic to any great
extent. In the year under review it made inroads
also upon the passenger traffic of the older systems, as is
is evident from the fact that the passenger earnings
of the Puget Sound line increased from $1,003,596 in
the fiscal year 1911 to $2,631,901 in the fiscal year
1912.
As supporting the idea that this gain was in
part, at least, at the expense of the older roads, it is
to be noted that the Great Northern passenger revenue
for 1912 shows only a slight increase ($200,952, or
1)/ 2% ) as compared with the year preceding, and the
passenger traffic itself records a decrease. The number
of passengers moved fell off 193,825, or 2.31%, while
the number carried one mile records a contraction
of 42,722,688, or 7.23%. The average length of the
haul decreased 5.03%, while the average revenue per
passenger per mile increased from 2.273 cts. to 2.487
cts. In other words, there was evidently a falling
off in the number of through passengers carried, with
the effect of diminishing the average length of the
haul, and an increase in the local traffic, on which
rates are better, with the effect of improving the
average rate received and increasing the aggregate
of passenger earnings. This decrease in the passenger
traffic in 1912 is the more noteworthy as it follows
large losses in the previous year. The passenger
earnings then fell off no less than $889,743, or over
6% , and the number of passengers carried one mile
then decreased 58,751,307, or over 9% . There was a
special reason, however, for the shrinkage then in
the fact that comparison was with 1909-10, when the
Alaska-Yukon Pacific Exposition at Seattle had
brought a temporary large increase in travel. The
chief point we wish to make, however, is that the
passenger business of 1912 was not up to the best of
previous years.
In face of the several drawbacks above enumerated,
the Great Northern is able to report an increase in
aggregate gross earnings for the twelve months of
nearly $5,000,000—in exact figures, $4,940,186. The
bulk of the increase has been in the freight revenues,
and of this $2,793,352 was contributed by products
of agriculture and $1,351,806 by products of mines.
It is to be noted, too, that the expansion in freight
revenues was made in face of declining rates. In tiie
late fiscal year the average realized on the entire freight
traffic of the system was only 7.688 mills per ton per
mile, as against 8.096 mills per ton mile in 1911 and
8.219 mills per ton mile in 1910. The report tells us
that this decline in the average revenue per ton mile
resulted in part from an increase in the tonnage of lowrate commodities, such as grain, iron ore and coal, but
in part also from certain rate reductions.
Not all of the late year’s gain in aggregate gross
earnings represents a recovery of what was lost the
previous year. In fact, while the gain in 1912 was
$4,940,186, the loss in 1911 was only $3,207,737, so
the 1912 earnings are $1,732,449 in excess of those
of 1910, and to say that is to say that they are to that
1012
THE
C H R O N IC L E
extent in excess of the largest previous earnings in the
history of the company. This result has been achieved,
as we have already seen, in face of the fact that a
number of the conditions were not altogether favorable
in the year under review.
In the last analysis, however, it is the success of the
management in holding down expenses that gives to
the year’s results their distinguishing characteristic.
The gain in gross earnings might have been attended
by an augmentation in expenses of almost equal
amount, leaving little or no gain in the net earnings,
as has happened so frequently in recent years with
large railroad systems generally throughout the
United States. Instead of that, expenses were only
increased a mere trifle, leaving practically the whole of
the gain in the gross to be carried forward as a gain in the
net. In other words, while gross revenues were in
creased from $61,257,632 to $66,197,818, expenses
moved up only from $37,600,391 to $37,662,547,
leaving the net for 1912 $28,535,271, against only
$23,657,241 for 1911. The Maintenance of W ay
expenses were actually slightly reduced, following a
large reduction in the previous year, the amount so
expended for 1912 being $9,220,285, against $9,654,776
for 1911 and $11,773,314 in 1910. In explaining the
large contraction under this head in the previous year,
Louis W . Hill, who was then President, took occasion
to point out that the smaller expenditures in that way
did not indicate neglect of the property or unwise
economy, but reflected the benefit of permanent work
done in former years.
Under the other leading heads, the expenditures
of the late year show moderate increases. The trans
portation expenses for 1912 were $18,200,010, against
$18,052,818 in 1911. That the increase under this
head should be so slight in face of higher wage schedules
and in face of the fact that the number of tons of
freight carried one mile was increased by 718,374,098
ton miles, speaks volumes for the steady advance in
operating efficiency which is being maintained on
this important railroad system. Turning to the train
statistics, we find that this largely increased traffic,
representing an addition of over 11% (and if we
confined ourselves to the revenue freight traffic the
increase would be over 16%), was handled with
addition to freight-train mileage of only 1.34%, the
miles run by the freight trains in 1912 having been
9,523,132, against 9,396,993 for 1911.
The Great Northern has always been distinguished
for its high average train-load, and in the late year its
noteworthy record in this respect was carried a step
further. The lading of the trains was increased by
over 77 tons, or 14.81%, bringing the average up to
above 600 tons— 601.113. In 1911 the average load
was 524 tons, in 1910 518 tons and in 1909 502 tons.
Thus, in three years there has been an addition,
roughly, of 100 tons to the average train-load. Not
only is the present average of 601 tons exceptionally
high standing by itself, but it is the average, it should
be remembered, on merely the revenue tonnage. If
the freight moved for the company’s own use were
included, the amount would be raised so as to bring
the average train-load up to about 700 tons. Because
of the larger average loads, the freight trains earned
$4 62 per mile run in 1912, against $4 24 in 1911,
notwithstanding that the rate realized in the latest year
was only 7.688 mills per ton mile, against 8.096 mills
per ton mile in 1911.
With the expansion in net earnings, the income
account for the twelve months presents a highly favor
[VOL. LXXXXV.
able exhibit. After providing for fixed charges, the
income available on the operations of the twelve months
was $21,654,254, while the 7% dividends on the com
pany’s stock called for only $14,698,981, leaving a
surplus above the dividend requirements in amount
of almost $7,000,000. Out of this, $750,000 was
appropriated to cover depreciation of steamship
property and $3,502,000 was appropriated for the
benefit of the fund for permanent improvements and
betterments. Even after these deductions there
remained $2,703,273, which was transferred to the
credit of profit and loss. Besides the $750,000
charged against income for depreciation of steamships,
a further sum of $2,650,000 was written off profit and
loss for the same purpose, or more specifically, to cover
depreciation of steamships of Great Northern Steam
ship Co. and Northern Steamship Co. and net loss on
steamship “ Dakota,” wrecked in 1907.
There was no increase in the outstanding amount of
stock or bonds during the twelve months. On the
contrary, the funded debt in the hands of the public
actually decreased $574,000 during the year; $6,818,
000 of refunding mortgage bonds were issued against
construction and acquisition of property and securities,
but the whole amount was added to the company’s
treasury holdings, making the aggregate of these
treasury holdings June 30 1912 $16,823,000. Though
outstanding debt was not increased, $7,426,936 was
expended in the construction of new lines, $2,317,990
was spent for additions and betterments, $2,052,237
was added to the company’s investments in Canadian
companies, and some other purchases were made, such
as the acquisition of the Everett & Cherry Valley
Traction Co., at a cost of $1,056,600. Cash on hand,
however, June 30 1912, was only $12,829,424, against
$21,460,917 June 30 1911. In preceding years, it
will be remembered, large additions were made to
stock and debt. In 1911, for example, $35,000,000
of refunding mortgage 4*4$ were sold and in 1907
and 1908 no less than $60,000,000 new stock was
issued.
The year will remain noteworthy because with its
close Mr. James J. Hill ended his active participation
in the conduct of the property, which owes its existence
to his indomitable pluck, energy and foresight. On
July 1 1912 Mr. Hill resigned as Chairman of the
Board and Mr. Louis W . Hill, previously President,
was elected as his successor. Mr. James J. Hill at
the same time delivered an address which is in the
nature of a valedictory and a review of past achieve
ments and what has been done to prepare the company
for the needs and requirements of the future. The
address is printed in full in the report, but we cannot
forbear to quote a few very striking passages from it.
We observe, for instance, that Mr. Hill has never
accepted any salary for his services as President, or
Chairman of the Board of Directors. Nor can the
reader fail to be impressed with Mr. Hill’s statement—
a statement which cannot be controverted— that the
Great Northern Railway Co., including its predecessor,
the St. Paul Minneapolis & Manitoba, “ never failed,
never passed a dividend, never was financially inse
cure in any time of panic” ; furthermore, that “ the
success and prosperity that attend the company to-day
have not been purchased either by any doubtful trans
actions in the stock market or at the cost of one dollar
ever committed by man or woman to this company in
trust.” Starting with the bankrupt St. Paul &
Pacific as a nucleus in 1878, it has grown into a trans
continental system of about 7,500 miles of road.
O ct.
19 1912 ]
THE
C H R O N IC L E
The stock of the St. Paul Minneapolis & Manitoba
was limited by its charter to $20,000,000. When the
Great Northern lly. was organized in 1889 it took over
the charter of the Minneapolis & St. Cloud Railway
Co. The capital stock was made $20,000,000, which
was afterwards increased to $40,000,000. There was a
further increase to $45,000,000 in 1893 and to $75,
000,000 in 1898. In 1899 the amount became
$99,000,000, in 1901 $125,000,000, in 1905 $150,000,
000 and in 1906 $210,000,000, though the new stock
was not actually issued until 1907 and 1908. Mr. Hill
says, with pardonable pride: “ Every dollar of this
represents honest value received. But the problems
of its issue and disposal, the creation of a market for its
securities, the safeguarding of it against attack and its
maintenance as an investment attractive and secure
were difficult and slow of solution. The company has
now acquired a standing which nothing in the ordinary
course of events can impair."
As to the future needs of the company provision for
the same, as is known, has been made on a most
comprehensive scale by the authorization of a refunding
mortgage for a total authorized amount of $600,000,
000, the largest mortgage ever made by any corpora
tion in the country. “ This issue of $600,000,000.in
all," says Mr. Hill, “ stands to the big systems of to-day
as a $50,000,000 of consolidated bonds did to the small
system of twenty-eight years before." He adds further:
“ It (the mortgage) creates a financial clearing house
through which its several outstanding securities may
be converted into one of standard form and value;
and it forms, in addition, a reservoir of authorized
credit so carefully guarded by the conditions of the
mortgage that it cannot be abused or dissipated, yet
so ample that it will supply all needs for probably fifty
years to come." Dilating upon this latter point, Mr.
Hill goes on to say: “ No private estate in this country
is more carefully provided against the future than is
the property of the Great Northern Railway Co. All
prior mortgages become closed, and more than onehalf of the total $600,000,000 is to be used to redeem
bonds issued under them and those issued by the com
pany’s interests in the Burlington. Nearly $123,
000,000 may be used to cover the cost of other proper
ties acquired or to be acquired; while $100,000,000
may be issued at not to exceed $3,000,000 per annum to
cover the cost of future construction, acquisition and
betterments."
In closing it will be proper to quote the followingparagraph, which indicates the confidence felt by
Mr. Hill in the continued prosperity of the property
and his sublime faith in the future of the undertaking,
which owes its existence so largely to his efforts. He
says with much eloquence: “ The financial outlook of
this company is as well assured as that of most govern
ments. It has a provision made now, deliberately
and not under any pressure of necessity, for the work
of years to come. That provision may be utilized in
lean years and held in suspense in fat years so as
always to realize the best prices for securities and to
keep the credit of the company unimpaired. No
emergency can surprise it. It is financed for a period
beyond which it would be fanciful to attempt to
provide. And the development of its business
throughout every part of the practically half a con
tinent which it serves makes the payment of dividends
on the stock as certain as that of its bond coupons.
There has never been a default in either. There has
never been a dollar’s worth of stock or bonds issued
that was not paid for in cash, property or services
1013
at its actual cash value at the time. The stock has
paid a dividend ever since 1882, and since 1900 the
rate has remained steadily at 7 % ." What gives
particular value to this noteworthy declaration by
Mr. Hill when yielding up his duties as the responsible
head of the enterprise, is that it is absolutely impossible
to gainsay any of the statements he here makes.
RAILROAD GROSS AND NET EARNINGS FOR
AUGUST.
Our elaborate compilation of railroad earnings for
the month of August makes an even better showing
than did the similar compilation for the month of
July. It is evident^that, aided by the present season’s
bounteous harvests, we have now entered upon a
period of recovery in railroad revenues following the
long antecedent period of decline— a decline which
was not so noticeable in the case of the gross as it was
in the case of the net, owing to the augmentation in
expenses caused by higher wage-schedules and the
general rise in expenses. How long the recovery
will last no one can tell, since so much depends upon
the treatment the railroad carrying interest is to re
ceive at the hands of the Inter-State Commerce Com
mission and the influence of legislation upon general
business conditions. The recovery should, in any
event, continue until the end of the current fiscal year
ending June 30 1913, unless the outcome of the Presi
dential election next month shall have a disturbing
or retarding effect, or some other untoward event
now unforeseen should happen.
What is especially encouraging about the present
August statement is that there is satisfactory improve
ment in the net earnings as well as the gross earnings.
Heretofore, rising expenses have consumed the greater
part of the gains in gross and often the additions to
expenses have exceeded in amount the additions to
gross revenues. That is still true even in August
as far as some important roads and systems are con
cerned. It is not true as concerns the roads col
lectively. Briefly speaking, our tabulations to-day
for the month of August, covering 239,230 miles of
road show that gross earnings have increased no less
than $25,860,384, that of this, $14,434,918 was con
sumed by augmented expenses, leaving, therefore,
an increase of $11,425,466 in net. In ratio the im
provement in gross is 10.30% and in the net 13.03%,
as will be seen by the following summary:
/n c .(+ ) or DccX—)
August (457 roads)—
1912.
1911.
Amount.
%
Milos of road.....................................
239,230
235,404
+3,820 1 02
Gross earnings...... ..........................$270,927,410 S251,007,032 +$25,800,384 10.30
Operating expenses........................... 177,783,445 103,348,527 +14,434,918 8.84
Net earnings................................S99,143,971
$87,718,505 +511,425,400 13.03
The improvement here disclosed follows in large
measure as a result of the activity of general
trade and the great revival of the iron and steel in
dustry. In addition many Western roads had the
advantage of a larger grain movement, though, on
the other hand, some of the Southern roads suffered
from a contraction in the cotton movement. As
already stated, comparison is with unfavorable results
in the yearn immediately preceding. In August last
year there was a falling off in both gross and net
earnings, though not very large in either case. Our
statement, then, comprising 230,536 miles of road,
registered $1,967,695 decrease in gross and $595,069
decrease in net. In August 1910 the results were
satisfactory enough as far as the gross was concerned
but the net recorded a decrease, owing to the great rise
in expenses. According to the summary furnished
by the Inter-State Commerce Commission'and covering
THE
1014
C H R O N IC L E
238,493 miles of road, there [was a gain of $18,279,972
in gross but attended by an increase of $18,939,835
in expenses, thus producing $659,803 loss in net. In
August of the year before (1909) there was material
improvement in both gross and net, but this followed
from the circumstance that in the previous year (1908)
succeeding the panic of 1907, there had been tre
mendous losses. According to the tabulations of the
Inter-State Commerce Commission, the gain for
August 1909 reached $29,682,863 in gross and $15,
065,001 in net. In August 1908 the decrease in gross,
by the figures of the Inter-State Commerce Commission,
reached no less than $34,366,578 and there was also
a decrease of $9,222,389 in net. In the table we now
present we furnish the August comparisons back to
1896. For 1910, 1909 and 1908 we use the Inter-State
Commerce totals, but for preceding years we give the
results just as registered by our own tables each year
— a portion of the railroad mileage of the country
being always unrepresented in the totals, owing to the
refusal of some of the roads in those days to furnish
monthly figures for publication.
Net Earnings.
Gross Earnings.
Year
Given.
Year
Inc. ( + ) or
Preceding. Dec. (— ).
S
$
$
52.240,
319,991 —3,079,794
60,842,
087,815 + 8.154,908
77,840,
324.949 + 1,521,964
81,952,
965,451 + 10,987,344
.
,191,125 + 0,876,298
92,007
.
,440.078 + 12,134,054
108,575
,111,428 + 3,279,201
105,390
,207,446 + 15,783,293
121,050
+ 155,892
,005,743
119,821
,112,003 + 10,987,091
125,099
898,408 + 14,691,092
137,589,
144,913 337128 ,178,004 +10,735,273
,122,44“2 — 3
34,306,578
200,755
,877,014 + 29,682,868
236,559
,720,000 + 18,279,972
1 9 1 0 . . 254,005,
.
1.967.60C
,784.289
1911 . . . 243,810,
,067,03 2 +25,80,1,38
1912 . . . 276,92 7,
August.
1890__
1897 . . .
1898 . . .
1 8 9 9 ..
1 9 0 0 ..
1901..
1902 ...
1903 .. .
1904 . . .
1 9 0 5 .. .
1900 . . .
1907 . .
1908 . . .
1909 . . .
Year
Given.
17,418,959
24,228,020
27.942.601
29,730,908
33,216,118
40,548,771
35,928,409
41,282,319
43,168,250
43,201,744
48,074,911
45,029,104
75,028.707
90,384,539
89,517,074
80.224.971
99.145.971
Year
Inc. ( + ) or
Preceding. Dec. (—).
$
19,023
19,592
28,189,
25,200,
31,032,
34,210,
37,770
35,747,
40,913
40,480
42,719
44,849
84,251
75,319
90,170
86,820
87,718
— 1,604,439
+ 4,636,451
— 247,221
+4,530,959
+ 2,183,758
+ 0,338,710
— 1,847,737
+ 5,534,845
+ 2,254,781
+ 2,721,032
+ 5,355,143
+ 779,119
—9,222,389
+ 15,065,001
—059,863
— 595,009
+ 11,425,460
Vole.— In 1896 the number of roads Included for the month of August was 127; in
1897,135; in 1898, 138 in 1899, 113; in 1900, 129; In 1001,116; in 1902,105; in
1903, 114; in 190t, 100; in 1905, 95; in 1900, 91; in 1907, 80; in 1908 the returns
were based on 231,220 miles, in 1909 on 235,987 miles, in 1910 on 238,493 miles in
1911 on 230,536 miles, and in 1912 on 239,230 miles.
[VOL. LXXXXV.
to gross, has only $79,874 gain in net, and the Atlantic
Coast Line out of $314,539 gain in gross has carried
carried forward only $74,039 to the net. The Texas
& Pacific, while having added $49,209 to gross, falls
$205,597 behind in net. Among the Eastern trunk lines
the Baltimore & Ohio has a statement much like that
of the New York Central— a gain of $587,756 in gross
having yielded only $59,050 increase in net. The Illinois
Central, which lies partly in the Middle West and
partly in the South, is able to show $42,298 increase in
gross but has suffered a contraction of $244,198 in net
New England roads give a very good account of
themselves, the New Haven having added $812,174
to gross and $671,043 to net and the Boston & Maine
having made a gain of $407,046 in gross and of $196,
961 in net. In the Western half of the country there
are, as a rule, very satisfactory gains in both gross
and net. This is particularly true of the Union Pacific
and the Southern Pacific, which lost so heavily in 1911.
The Union Pacific this year for August reports $710,401
gain in gross and $654,225 gain in net and the Southern
Pacific $752,992 increase in gross and $823,037 in
crease in net. The Atchison has enlarged gross by
$979,190 and net by $606,781; this follows $217,714
loss in gross and $671,312 loss in net on the same
system in August last year. The Missouri Pacific has
bettered its gross by $852,511 and its net by $601,607,
this coming after $36,829 gain in gross and $306,132
loss in net in 1911. The Rock Island has added
$851,873 to gross and $551,318 to net, following
$336,768 decrease in gross and $196,288 decrease in
net the preceding year.
The Great Northern, which in 1911 had increases in
both gross and net, now record $875,126 further in
crease in gross and $307,409 additional increase in
net. The Northern Pacific adds $511,811 to grossand
$35,146 to net, but the previous year had no less than
$734,012 decrease in gross and $267,081 decrease in
net. Perhaps the most striking exhibit of all is that
of the Milwaukee & St. Paul, which has much more
than recovered its previous year’s loss and reports
$764,606 increase in gross and $1,046,631 increase in
net. The Puget Sound line has also done well, havingadded $499,801 to gross and $310,308 to net: In the
following we show all changes for the separate roads
for amounts in excess of $100,000, whether increases
or decreases, and in both gross and net. It will be
observed that in the case of the gross there is not a
single decrease above the limit and even in the case
of the net there are only four roads with decreases
exceeding the amount mentioned.
As far as the separate roads are concerned, the
principal systems nearly all have large gains in both
gross and net, but there are exceptions to the rule,
at least as far as the net is concerned. Thus the New
York Central has $019,708 increase in gross with
$162,478 decrease in net, but the explanation of this
is found in the fact that in the same month of the previous
year expenses had been cut in a most radical fashion—
so much so that with $392,035 increase in gross at
that time, the addition to net was no less than $750,
344. The figures given arc for the Central itself,
tout if we include the various auxiliary and controlled
roads, the whole going to form the New York Central
System, the showing is the same. The present year
P R IN C IP A L CHANGES IN G R O S S E A R N IN G S IN AUG U ST.
ItlCTCClSCS.
Tn r r p n P ' t
we have for the Central System a gain of no less than P ennsylvania ............
$510,087
t/$3,617,360 Missouri Kansas & Texas
209,870
h Topeka & S anta Ee
979,190 Louisville & N ashville..
$2,022,833 in gross but of only $41,292 in net. In AGtcreat
298,111
N o rth e rn ------------875,126 Delaware & H u d son -----291,417
issouri P a c ific ................
852,511 Minn St Paul & S S M . . .
August last year, on the other hand, the New York M
287,552
R ock Is la n d ...................
851,873 E r i e . . .......................
Elgin Joliet & E a ste rn ..
281,179
N
Y
New
H
aven
&
H
a
r
tf
812,171
Central System recorded a gain of only $365,485 in P h ila d elp hia & R e a d ing .
252,372
701,823 Delaw Lack & Western . .
240,484
lilcago M llw & S t P a u l.
764,000 Pittsburgh & Lake E ric.
gross but an improvement of no less than $2,233,018 CSouthern
230,549
P a c ific ________
752,002 W abash....... ......................
198,991
U nion P a c ific ....................
710,101 Phila Halt & W ash .........
in net. The Pennsylvania Railroad this time registers N Y C ent & H u d R iv e r .. a019,70G Chesapeake & O h io_____
195,160
180,056
B a ltim o re & O h io ......... ..
587,756 Buffalo Roeh & P i t t s ...
large increases in both gross and net; for the lines Lehigh V a lle y ----------------178,838
570,350 Internat & Great N orth.
103,804
C entral of New Jersey__
533,832 West Jersey & Seashore.
145,545
directly operated both East and West of Pittsburgh, N o rth e rn P a c ific ............
511,811 Michigan Central..............
143,466
Chicago & N o rth W estern
504,386 Kansas City Southern___
141,054
409,801 St Louis Southwestern- the increase is $3,617,360 in gross and $1,139,809 in Chic M ilw & Puget Sound
137,125
Chicago H u rl & Q u in c y . .
409,915 Clilcago St Paul M & O - 110*802
410,903 Mobile & O hio__________
net. Last year the same lines, owing to the depression Lake Shore & M ich S o u . .
109,oOO
Boston & M a in e ------. . . .
407,040 Minneapolis & St L ou is. .
103,802
Louis & San Francisco
391,940 Long Island......................
in the iron trade, had $855,726 decrease in gross and St
103,133
N o rfo lk & W e ste rn .........
383,901 El Paso & South W e s t ..
S
o
u
th
e
rn
...............
375,750
$214,827 decrease in net.
Representing 47 roads
Cleve Cin Chic & St Louis
359,028
_____ ___________
in our com p ilation..$22,340,501
n tic Coast
L in e .........
314,539
The improvement in earnings comes from all parts A tla
All
the
figures
in
the
above
arc
on the basis of the returns filed
Note
the Inter-State Commerce Commission. W here, however, these
of the country, though in the case of the Southern with
returns do not show the total for any system , we have com bined the separate
so as to make the results conform as nearly as possible to those given
roads heavier expenses are a feature in several in roads
in the statements furnished by the com panies themselves.
a These figures cover merely the operations of the New York Central itself
stances, counterbalancing entirely, or in great part, Including the various auxiliary and controlled roads, like the Michigan
Central, the Lake Shore, t h e “ Big F our,” t h e “ Niokcl P la te ,"A o ., ttie whole
the gains in gross earnings. The Louisville & Nash I going
to form the N. Y . Central System, the result is a gain of $2,022,833.
y These figures represent the lines directly operated east and west of
ville has $299,870 gain in gross but $48,880 loss in Pittsburgh,
Eastern lines showing $2,033,394 increase and the Western lines
$1,583,966. For all lines owned, leased, operated and controlled, the result
net. The Southern Railway, with $375,750 addition for the month is a gain of $4,443,334.
THE CHRONICLE
Oct. 19 1912.]
PRINCIPAL CHANGES IN NET EARNINGS IN AUGUST.
Increases.
Pennsylvania.......... ........j/$l,139,809
Chicago Milw & St Paul. 1,046,031
Southern Pacific — .........
823,037
N Y New Haven & Hartf.
071,643
Union Pacific..................
654,225
Philadelphia & Reading.
619,114
Atch Topeka & Santa Fc
606,781
601,607
Missouri Pacific..............
Rock Island....................
551,318
Chic Burl & Quincy------454,978
Central of New Jersey—
370,662
Missouri Kansas & Texas
364,632
Chic Milw & Puget Sound
310,308
Great Northern......... ..
307,409
Lehigh Valley..................
263,450
Boston & Maine............ 196,961
Clcve Cln Chic & St Louis
191,045
Pittsburgh & Lake Erie.
182,755
177,352
San Pedro L A & S L ---Delaw Lack & Western.
173,003
West Jersey & Seashore.
Elgin Joliet & Eastern..
Wabash.............................
Delaware & Hudson----Chicago & North W est..
Norfolk & Western.........
Chesapeake & Ohio.........
E rie...................................
Kansas City Southern__
I71CT6CLS6S.
$172,807
151,798
150,605
143,277
125,955
115,964
113,083
108,895
107,706
Representing 29 roads
In our compilation ..$10,896,870
Illinois Central.................
Michigan Central...........
Texas & Pacific..............
N Y Central & Hud River
Representing 4 roads
In our compilation. .
Decreases.
$244,198
206,542
205,597
al62,478
$818,815
a These figures cover merely the operations of the New York Central Itself.
Including the various axulliary and controlled roads, like the Michigan
Central, the Lake Shore, the “ Big Four” , the “ Nickel Plate,” &c., the whole
going to form the N. Y. Central System, the result is a gain of $41,292.
V These llgurcs represent the lines directly operated east and west of
Pittsburgh, the Eastern lines showing $694,380 increase and the Western
lines $445,429 Increase. For all lines owned, leased, operated and con
trolled, the result Is a gain of $1,588,062.
W hen
th e
roads
are
arran ged
in
grou p s
or
geo
g r a p h ic a l d iv is io n s e v e r y d iv is io n , w it h o u t a n y e x c e p
tio n ,
record s a n
in c r e a s e
a ls o a n in c r e a s e in n e t .
as
in
gross an d
e v e r y d iv is io n
O u r s u m m a r y b y g r o u p s is
fo llo w s :
SUMMARY BY GROUPS.
------------------- Gross learnings------------------1912.
1911.
In cX +) or Dec.t,— )
S
S
S
%
Group 1 (17 roads), New England----- 13,513,332 12,213.954 +1,299,378 10.64
Group 2 (84 roads), East A Middle... 69,641,435 02,292,988 +7,348,447 11.79
Group 3 (64 roads). Middle West____ 39,981,841 30,549,772 +3,432,009 9.39
Groups 4 & 5 (84 roads). Southern... 32,368,77.3 29,978,652 +2,390,121 7.99
Groups 6 & 7 (74 roads), Northwest.. 62,487,003 57,121,940 +5,365,717 9.39
Groups 8 & 9 (94 roads), Southwest.. 42,539,232 37,941,729 +4,597,503 12.12
Group 10 (40 roads), Pacific Coast... 16,395,140 14,967,991 +1,427,149 9 .5 4
August.
Section or Group—
Total (457 roads)........................... 276,927,410 251,067,032 +25,860,384 10.30
------------------- Net Eamings------------------------Mileage----Increase(+) or
1912.
1911.
1912.
1911.
Decrease (— ).
Group No. 1...............
Group No. 2...............
Group No. 3...............
Groups Nos. 4it 5.......
Groups Nos. 6 & 7----Groups Nos. 8 & 9----Group No. 10.............
7,815
26,577
25,677
40,273
66,453
55,465
16,970
7,807
26,325
25,042
39,767
65,623
54,230
16,610
s
5,005,252
25,207,582
14,377,448
9,824,750
23,886,002
13,023,434
7,819,503
s
4,156,938
22,131,437
13,679,531
9,458,687
21,220,537
10,869,509
6,201,800
«s
%
+848,314 20.40
+3,076,145 13.89
+697,917 5.10
+366,063 3.87
+2,605,465 12.50
+2,153,865 19.81
+1,617,697 26.08
T otal......................239,230 235,404 99,143,971 87,718.505 +11,425,466 13.03
NOTE. —Group I. includes all of tlie New England States.
Group I I . includes all of New York and Pennsylvania except that portion west
of Pittsburgh and Buffalo; also all of New Jersey, Delaware and Maryland, and
the extreme northern portion of West Virginia.
Group I I I . Includes all of Ohio and Indiana; all of Michigan except the northern
peninsula, and that portion of New York and Pennsylvania west of Buffalo and
Pittsburgh.
Groups I V . and V. combined Include the Southern States south of the Ohio and east
of the Mississippi River.
Groups VI. and VII. combined Include the northern peninsula of Michigan, all of
Minnesota, Wisconsin, Iowa and Illinois; all of South Dakota and North Dakota and
Missouri north of St. Louis and Kansas City; also all of Montana, Wyoming and
Nebraska, together with Colorado north of a line parallel to the State line passing
through Denver.
Groups V III. and I X . combined include all of Kansas, Oklahoma, Arkansas and
Indian Territory, Missouri south of St. Louis and Kansas City; Colorado south of
Denver, the whole of Texas and the bulk of Louisiana; and that portion of New Mex
ico north of a line running from the northwest cornet of the State through Santa Fe
and cast of a line running from Santa Fe to El Paso.
Group X . Includes all of Washington, Oregon, Idaho, California, Nevada, Utah
and Arizona and the western part of New Mexico.
B A N K IN G ,
F IN AN C IAL
AND
L E G ISL A TIV E
NEW S.
— The public sales of bank stocks this week aggregate 27G
shares, of which 251 shares were sold at the Stock Exchange
and 25 shares at auction. No trust company stocks were
sold. Two sales were made of stocks seldom dealt in— 60
shares of Chatham & Phenix National Bank stock at 180,
an advance of 8 points over the last previous salcprice,and
25 shares of the First National Bank stock at 1014-1015,
an advance of 6 @ 7 points over the price paid at the last
previous sale.
Shares. BANKS — New York.
Low.
•60 Chatham & Phenix Nat. Ilk. 180
•12 City Bank, National__ -----450
•179 Commerce, Nat Bank of ----- 209
25 First National Bank___ ----- 1014
High. Close.
180
450
2 0 0 'A 209
1015 1015
180
450
Last previous sale.
Jan.
Oct.
Oct.
Mot.
1912 —■ 172
1912— 449
1912—- 2 1 0
1912— 1008
* Sold at the Stock Exchange.
— Chandler P. Anderson has resigned as a member of the
commission which was named by President Taft last August
to investigate the Board of United States General Appraisers.
Mr. Anderson is Counsellor of the State Department, and pres
sure of work which that position entails is assigned as the
reason for his withdrawal from the commission.
— The suit brought to restrain the enforcement of the
newspaper publicity-clause in the Post Office Appropriation
Bill advances to the docket of the United States Supreme
Court through the action on Tuesday of Judge Learned Hand
of the United States District Court at New York in dis
missing the petition of the complainant— the “ Journal of
Commerce & Commercial Bulletin Company.” Judge
Hand sustained the demurrer filed on behalf of the Govern
ment by U. S. District Attorney Wise, but granted the
1015
complainant an appeal from his order. In their motion
for an injunction Morris & Plante, attorneys for the com
plainants, contended that the law was unconstitutional, in
asmuch as it deprived their clients of property rights without
due process of law, and, furthermore, that it was in violation
of Articles I. and V. of the Constitution, since it abridged the
rights of freedom of the press guaranteed under that instru
ment. District Attorney Wise argued that a Federal Court
sitting in the first instance had no right to declare a statute
enacted by Congress unconstitutional unless it clearly
appeared from the complaint that such was the case, and
he furthermore contended that the prayer for the injunction
should not be granted because of the insufficiency of the
allegations and facts set forth in the bill of complaint. Judge
Hand sustained the demurrer in the following order, which
we quote from the “ Journal of Commerce” :
“ Ordered, adjudged and decreed, that the demurrer to the bill of com
plaint herein be and the same hereby is sustained upon the ground that the
complainant in the bill of complaint has not made or stated any such cause
as does or ought to entitle It to any such relief as is thereby sought and
prayed for, from or against the defendants or any of them, and that the
said bill of complaint be and the same Is hereby dismissed with costs to
be taxed by the Clerk of this Court.”
A second suit against the newspaper publicity law has been
filed by the Lewis Publishing Co., publishers of “ The Morning
Telegraph.” In this case also a restraining order was asked
for. As in the other action, Judge Hand on the 17th inst.
dismissed the complaint and sustained the demurrer inter
posed by United States District Attorney Wise, but allowed
an appeal, thus expediting the carrying of the controversy to
the Supreme Court.
— In the suit brought by the Federal Government for
the revocation of the charter of the First National Bank of
Capitol Hill, a former suburb of Oklahoma City, the Court
at Oklahoma City has over-ruled the bank’s demurrer to
the Government’s petition. The case is considered a very
important one. The action arose after the annexation the
Capitol City to Oklahoma City and the subsequent failure
of the bank, when it moved to the centre of the city, to
increase its capital to accord with the requirements govern
ing Federal institutions in a city of that size. Unless an
appeal is taken, the case now goes to trial on the petition of
the Government. Should the bank fail to file an answer, the
Court would enter a decree on the demurrer only. The
“ Journal of Commerce” of yesterday says “ it is believed
that the bank will prefer not to have the case tried further
in the present Court, as an affirmation of the first petition
might mean the revocation of the charter by Court order,
which would prohibit it from doing business while the case
is being prosecuted in the higher courts.” Therefore it is
thought the bank will appeal from the decision on its de
murrer.' Our contemporary has the following to say regard
ing the decision:
According to the information received here [at Washington] the decision
was oral and the Court held that since the Bank Act requires the organiza
tion cerUllcate to state the place where Its operations are carried on and
that the banking house shall be located in the place specified, the bank In
the case at bar cannot move from Its location within the limits of the old
village of Capitol Hill, over Into Oklahoma City, and outside the limits
of the village of Capitol Hill, without the consent of the Comptroller of the
Currency and meeting the requirements of the statute. The Judge ex
pressed the opinion that such action of removal by the bank would be
contrary to the spirit and intent of the law because the law requires certain
capital stock In places of certain population.
The Court further held that when some city, town or village has been
designated as the place of business for a bank, the location must remain
the same, even though It had a large and actual growth and natural ac
cretion of adjacent territory. It was held that the accretion of adjacent
territory by natural growth would probaby enlarge the limits of the place
of business of the bank. Such principles did not apply, however, it was
said, In the present instance, because here It was not the growth of Capitol
Hill, but of Oklahoma City, which caused the union In one municipality
of the two places.
The Court set all doubts aside by holding that the First National Bank,
as now located, was neither within the village of Capitol Hill geographically
or by name.
— The consideration of means for the adoption of an
agricultural credit system as a benefit to the American
farmer is urged by President Taft in a letter addressed by
him to the Governors of the various States under date of
the 11th inst. To this end the President asks that the State
Executives confer with him in the matter at the next annual
conference of Governors, which is to be held in Washington
in December. Mr. Taft submits with his letter a preliminary
report of the pending investigation of the agricultural credit
systems in Europe, and the recommendations of Ambassador
Myron T. Herrick, a study of which, he says, convinces
him of the adaptability to American conditions of the co
operative-credit plan as set forth in the organization of the
ltaiffeisen banks of Germany. He also suggests the estab
lishment of land-mortgage banks, under State charters, and
1016
THE CHRONICLE
the formation of co-operative mortgage bond societies along
the lines of the Landschaften societies of Germany, provided
that uniform State legislation can be secured to govern their
organization and operation. In proposing the adoption of a
credit system here, the President declares that “ what this
plan offers is a means to secure to this country greater
productivity, at less cost, from the farms that are now under
cultivation, and, above all, to give more farms and more
farmers. It will make it possible for the farmer to return to
the cultivation of the abandoned farms of the East and to
open up vast areas of untilled land in the W e st.” W e quote
parts of the letter herewith:
M y Dear Governor .— For some months past, at my direction, the Depart
ment of State, through its diplomatic officers in Europe, has been engaged
in an investigation of the agricultural credit systems in operation in certain
of the European countries. Although the investigation is still under way, a
preliminary report has been submitted, together witli the recommendations
of Ambassador Myron T. Herrick, in connection with my proposal to adopt
this system in the United States.
A study of these reports and of the recommendations of Ambassador
Herrick, which I am sending you, convinces me of the adaptability to
American conditions of the co-operatlvc credit plan as set forth in the or
ganization of the Raiffeisen banks of Germany. The establishment and
conduct of such banks, however, are matters for State control. I suggest,
also, the establishment of land-mortgage banks under State charters, and
the formation of co-operative mortgage-bond societies along the lines of
the Landschaften societies of Germany, provided that uniform State Legisla
tion can be secured to govern their organization and operation. As a later
step I favor the enactment of laws by Congress permitting the organization
of national land-mortgage banks, to be operated under strict Government
supervision, with the power to guarantee and market the guaranteed
debenture bonds of the State land-mortgage banks or co-operative societies.
I recommend for your consideration the report and recommendations of
Ambassador Herrick, now published by the Department of State for
general distribution. This report should receive the attention of every
one interested in the problem of agricultural finance, and, indeed, of all
persons interested in the welfare of the American farmer.
The need for the establishment of an adequate financial system as an aid
to the farmers of this country is now quite generally recognized. The
Government initiative, taken by the Department of State under instruc
tions issued by my direction to the diplomatic officers in Europe on March 18
last, have been effectively supplemented by the American Bankers’ Asso
ciation, the Southern Commercial Congress and by many other bodies by
whom this question has been agitated, and valuable work has been done
in studying and disseminating knowledge of those great instrumentalities
which have been created in foreign lands to extend to their agriculturists
credit facilities equal in benefits to those enjoyed by their Industrial and com
mercial organizations. The handicap placed upon the American farmer
through the lack of such a system and the loss sustained by the whole
citizenship of the nation because of this failure to assist the farmers to the
utmost development of our agricultural resources is readily apparent.
The twelve millions of farmers of the United States add each year to
the national wealth 58,400,000,000. They are doing this on a borrowed
capital of 50,010,000,000. On this sum they pay annually interest charges
of 5510,000,000. Counting commissions and renewal charges, the interest
rate paid by the farmer of this country is averaged at 8 >3 % , as compared
to a rate of 4 >•, to 3}$% paid by the farmer, for instance, of France or
Germany.
Again, the Interest rate paid by the American farmer is considerably
higher than that paid by our Industrial corporations, railroads or munici
palities. Yet, I think, it will be admitted that the security offered by the
farmer in his farm lands is quite as sound as that offered by industrial
corporations. Why, then, will not the investor furnish the farmer with
money at as advantageous rates as he Is willing to supply it to the industrial
corporations? Obviously, the advantage enjoyed by the Industrial cor
poration lies in the financial machinery at its command, which permits
it to place its offer before the investor In a more attractive and more readily
negotiable form. The farmer lacks this machinery, and. lacking it, he suf
fers unreasonably. This is not theory. Through all the changing condi
tions of a century the soundness and practicability of such financial ma
chinery. based upon the peculiar credit needs of the agriculturist, has been
tried out, and so successfully has been Its operation that in Germany,
in times of financial stress, money has been taken out of the commercial
field and placed in the keeping of that Empire’s agricultural co-operative
banks for safety. The value of this assistance to the farmer receives un
questionable testimonial in the growth of the system in the countries of
Europe. More specifically this advantage may be seen in the fact that
through this machinery the German farmer has received money, at times,
at rates lower than those current in commercial loans.
But the advantages to be gained by the adoption of this plan go beyond
the direct saving in Interest charges to the farmer. The great necessity
which prompted the establishment and extension of this plan throughout
Europe was that of checking the rapidly advancing Increases in the cost
of foodstuffs, brought about by the Inevitable Increase in consumption
and the failure of the long-drained soil to afford a corresponding increase
in production. That problem faces the people of this country to-day—
not in so severe a form as it threatened the older countries of Europe, but, still
as a great and pressing economic problem.
In Europe this problem has been successfully met, first, by reducing
the cost to the farmer of producing his crops, and, secondly, by increasing
his production through the adoption of Improved methods of cultivation.
Both the Federal and State governments in this country have done much
to afford the farmers Instruction in Improved agricultural methods. But
It still remains for us to reduce the cost of the farmer’s production by afford
ing him the necessary capital for the exploitation of his soil upon the most
advantageous terms. He must be afforded the money necessary for him
to adopt Improved methods. It must be made profitable for him to place
every acre of his ground under cultivation. This offers the consumer
relief from the increasing cost of foodstuffs.
It is this portion of the task that still remains to be performed in tills
country, and it is in this task that I invite your co-operation.
The country enjoys to-day great prosperity. The factories are busy,
the workingmen employed, and everywhere the wheels of industry hum.
The farmer shares in this general prosperity. We have come to look upon
the farmer of to-day as one of our most prosperous citizens. The proposal
which I make is not to subsidize the American farmer. Fortunately for
this country, he does not need it, nor would he accept It. What this plan
offers is a means to secure to this country greater productivity, at less
cost, from the farms that are now under cultivation, and, above all, to
give more farms and more farmers. It will make it profitable for the farmer
[VOL. LXXXXV.
to return to the cultivation of the abandoned farms of the East and to open
up the vast areas of untilled land in the west. * * *
It is not my purpose here to lay down any one plan as necessarily the
one most suitable for adoption in the United States. From the reports of
our Ambassadors and Ministers in Europe and from the recommendations
of Ambassador Herrick, to whom was given the task of compiling from
these the general report, I am inclined to suggest ttic suitability of organzatlons similar to the German land-mortgage banks for incorporation under
State charters In this country. It will be most desirable, if not. Indeed
essential, that the laws creating and governing such institutions should be
uniform throughout the States, in order that they might be well understood
by the investor, and their debentures should be given character both at
home and abroad. As a later step, it may prove advisable to urge the en
actment by Congress of laws permitting the creation of national land-mort
gage banks similar to those of Germany and France, with limited privileges
and surrounded and guarded by strict supervision, but with sufficient ap
peal to American initiative and opportunity, with the power to guarantee
and market a guaranteed debenture bond of the State mortgage bank or
co-operative society. Securities issued by such national institutions would
probably find a ready market in Europe at low rates of interest, since they
are a favorite and familiar form of investment in those countries by the con
servative investor.
The most essential point to bear in mind Is the need for the assumption
by the Federal and State governments of the responsibility for economically
and honestly conducted institutions. Such assumption is the essential
precedent for obtaining the confidence of the American as well as the Euro
pean investing public. In this field, as in all others, there is room for harm
ful exploitation for personal gain. That must be guarded against. There
fore, I invite you to make this matter the subject of earnest study and ex
change of views between the State Executives, and I now extend to you
with the Governors of the other States, a cordial invitation to confer with
me in Washington, on the occasion of the next annual conference of Gov
ernors, in order to consider means for the adoption of an agricultural credit
system as a benefit to the American farmer. I understand that the Con
gress of Governors is to occur in December. Were not the interval so short,
my conviction of the importance of this subject would impel me to invite you
to a special conference at a still earlier date.
— The proceedings of the Second Annual Conference of
the Bankers’ Committee on Agricultural Development and
Education, held at Minneapolis and St. Paul on Aug. 7 and 8,
have been issued in permanent form, and the book consti
tutes an important contribution to the literature on the sub
ject. W e are indebted to Joseph Chapman Jr., President
of the organization, and Vice-President of the Northwestern
National Bank of Minneapolis, for a copy of this worthy publi
cation, which ought to be of incalculable use in promoting
this important movement vitally affecting the nation as a
whole. As indicating the success which has thus far attended
the efforts of those identified with its development, President
Chapman at the recent meeting stated that the conference
last year (the first) consisted of delegates from seven States,
who sent their representatives, members of their standing
committees on agricultural development and education; the
second conference, in August, witnessed a growth of over
2 0 0 % , there having been present delegates from twentythree State bankers’ associations. In addressing the con
ference, President Chapman made the following remarks in
explanation of the movement:
There Is one thing that I think we all understand, and outsiders should
understand It, and that is that these bankers’ committees do not pretend in
any way, shape or form to be educators. But you will notice from the pro
gram, of which I presume you have a copy, that Is is our aim, ambition and
purpose to emphasize the practical educational ideas which arc already hi
force in this country. In other words, we do not introduce any new pana
cea for all the Ills of the human race. We recognize that there is an agency
at work In this country that is doing good and is capable of doing a great
deal more good. We want to fasten that Idea upon the people of this coun
try. We want to show that something can be done in tills country to make
conditions on the farm better, and that can make the future of the boy and
girl, the future generations coming on in tills country, brighter. That is
the object of this conference. In other words, the keynote of tills conference
Is, or ought to be, efficiency. There is enough knowledge now stored up
in tho minds of educators and In different Institutions In tills country
to revolutionize the present farming methods and present industrial meth
ods. The question before us Is how to disseminate that knowledge and
bring it down to the people who need it.
Some of the discussions of the conference, all of which are
printed in full in the book, were the following: “ Some
Thoughts on Agricultural Education,” by Edward A .
Itumely of La Porte, Ind.; “ The Minnesota Agricultural
High School,” by Prof. John Monroe, sometime Superin
tendent Cokato Associated High Schools, Cokato, Minn.;
“ Extension Teaching and Agricultural Development,” by
Dr. Andrew M. Soule, President of the Georgia College of
Agriculture; “ Co-operation Berwcen the Government and
the States in Extension and Demonstration W ork,” by
A . F . Woods, Dean and Director of Agriculture and Forestry,
University of Minnesota; “ The Consolidated Rural School,”
by E . M. Phillips, Assistant Superintendent of Public In
struction for Minnesota, St. Paul, &c., &c. The address
on “ Vocational Education,” delivered in the U . S. Senate on
June 5 by Carroll S. Page, Senator from Vermont, is also
incorporated in the book.
— In the re-trial of the so-called “ Danbury hatters’ case”
damages against the United Hatters of North America have
again been awarded to D . E . Loewc & Co., independent hat
manufacturers of Danbury, Conn. The action was begun
in the U . S. District Court at Hartford on Aug. 26, and the
O0T. 10 1912.]
THE CHRONICLE
1017
the
defendants, Judge Anderson sus
jury reported its findings on the 11th inst. after four hours’ raignment of
deliberation. The full amount of damages claimed by the tained a motion of the defense to set aside the order of last
plaintiff, viz., $80,000, is awarded the firm ,and, in accord March consolidating the thirty-two indictments into one
ance with the provisions of the Sherman Anti-Trust Law, case. District Attorney Miller interposed no objection, and
under which the action was brought and under which the stated that a motion to consolidate after arraignment might
amount may be trebled, the award will reach $240,000 and remove any danger to the case from technical points that
costs. A motion to set aside the verdict, entered by the might arise from the fact that all the defendants had not
attorneys for the defendants, was denied by Judge Martin appeared in court prior to the consolidation. The defense,
at Hartford on the 11th, and the defendants were given until which had expected that its motion would be overruled, had
the first Monday in January to file their exceptions. It is prepared demurrers in a consolidated case, and was given ten
expected that an appeal will be taken by the defendants. The days in which to prepare new papers. Under a motion of
action was brought by the firm because of alleged boycotts Mr. Miller, Ju dge Anderson agreed to try the case on fifty-five
of its products by union hatters in an attempt to force it counts— five conspiracy counts and fifty charging violations
to unionize its shops. The original court proceedings date of the law regulating the safe transportation of explosives.
back nine years, when the defendants numbered 240; the Previously there were 128 counts in the consolidated case.
number has been reduced in the meantime by death and other
— Under an opinion of State Attorney-General Garnett,
causes to 196. In the first trial, which was begun in the hereafter, State banks in Kentucky will not be permitted to
fall of 1909 before Judge James P. Platt and a jury, and was hold stock in other corporations as an investment, though
terminated in February 1910, the damages sustained by they may accept it temporarily as collateral security. Noti
Loewe & Co. were fixed at $74,000 and trebled under the law fication to this effect has been sent out to the banks affected,
to $222,000 by Judge Platt. In April 1911 the U . S. Cir but it is stated that in order that the ruling may not cause
cuit Court of Appeals for the Second Circuit reversed the embarrassment to institutions having money so invested, a
judgment obtained before Judge Platt, upon the ground of reasonable time will be given the banks to dispose of such
errors in the conduct of the trial, and ordered a re-trial. holdings. Another announcement of the State Bank Com
One of the errors was that “ the trial Court assumed the func missioner says:
"Many banks have a custom of allowing their cashiers a stated sum, and
tion of the jury in passing upon the credibility of witnesses
and weighing conflicting testimony.” Judge Lacombe, who he In turn employs his assistants. This will not be permitted in the future,
and all employees must be chosen by the directors and their salaries paid
wrote the opinion of the Circuit Court of Appeals, also dis by the bank.”
sented from the argument that membership in and contri
— The Kansas City (Mo.) Fruit & Produce Exchange is
butions to the United Hatters make persons principals as to held to be a combination in restraint of trade by Judge Seeacts of any and all agents that the union might employ. An horn of the Circuit Court of the State. Under his decision
application to the U. S. Supreme Court for a writ of certior given on the 4th inst., the charter of the Exchange is de
ari to review the decision of the Circuit Court of Appeals was clared void and the defendants are enjoined from further
denied for the reason, it was stated, that the Supreme Court fixing prices in restraint of trade. He also fined the Exchange
preferred not to enlarge to any appreciable extent the number $5,000. W e learn from the Kansas City “ Star” that Judge
of cases to be brought before the highest Court beyond those Scehorn’s decision was based both on the findings of A . F .
to which the right to an appeal is inherent. The applicant Evans, who was delegated as a special commissioner to in
argued, but unsuccessfully, that the question of the liability vestigate the alleged food trust, and a personal investigation
of a principal for the acts of his agent under the circum of his own. Judge Seehorn, it is stated, concurs with Mr.
stances disclosed in this case (on which Judge Lacombc Evans’ findings in every particular. The injunction takes
chiefly based his decision in ruling that the lower Court had effect immediately. In deciding against the Exchange, the
usurped the province of the jury) presented a point of law “ Star” says: “ Judge Seehorn stated that there was suffi
on which the Supreme Court should pass, as well as a matter cient evidence clearly to indicate concerted action in control
of fact in which the decision of the Court of Appeals should ling the market, both in buying and selling; that usually only
be final. W ith the refusal of the U. S. Supreme Court to a single sale was made at the daily meeting of the Exchange;
interfere, a new trial became necessary, and this has eventu that the price lists mailed out to the farmers as the individual
ated in a still larger judgment against the defendants, as price lists of the different firms in the Exchange were in
noted above. The subjoined statement tending to show reality duplicate market reports sent to each member, and
that the individual defendants will not suffer as a result of that in place of doing philanthropic work, as their charter
the present verdict has been made to the Hartford “ Courant” provided, their meetings resulted in the stifling of competi
by Walter Gordon Merritt of New York City, one of the coun tion.” The defendants against whom the decision is made
sel for D. E . Loewe & Co.:
are the Kansas City Fruit & Produce Exchange, Armour
Sympathy extended to the individual defendants because of the verdict
Packing Co., Swift & Co., Charles W . Spencer, Elmer E .
in this case Is misplaced, for they are completely insured against all expense*
cither from Judgment or defence of suit. They were even paid expenses Barnett, Charles M. Marston, Frederick W . Linn, Hurst
and their day’s wages to appear and testify In their own defence. The Produce Co., S. J. Hurst Jr., W . L. Grush Produce & Com
United Hatters has already made an enforceable contract with each of
the defendants that It will hold him harmless. Already they have taken mission Co., W . L. Grush, D. A . Trimble, J. Irvin Compton,
over the attached savings bank accounts and paid the defendants the full A . W . Baer, William Bridger, P. LeRoy Storm and Edward
value thereof.
Aaron. According to the “ Star,” the suit was brought
The American Federation of Labor has also pledged Its financial aid.
Tills situation explains why the defendants have remained so care free against the Exchange and its members by Virgil Conkling,
The hearing of
and unconcerned and Irresponsible as to this case, for they arc being as fully Prosecuting Attorney, in October 1910.
protected as If an Insurance company were behind them and was defending testimony was finished in June 1911, but a report was not
the case. An assessment of 15 cents a head on the membership of the
made until August of the present year. The decision fol
American Federation of Labor would pay the Judgment.
— A t the opening of the trial of the defendants in the lowed after a review of the testimony and report. The re
dynamite cases at Indianapolis on the 1st inst., Ortie E . port is said to show that 7 5 % of the wholesale dealers in
McManigal, the Government’s chief witness, pleaded guilty butter, eggs and poultry in Kansas City were members of
to all the charges against him. In the indictment handed the Exchange; that 6 0 % of those products were handled by
down last February the defendants numbered 54; at the be the Exchange, and that the Exchange and its members con
ginning of the trial the charges were dismissed against three of trolled the market in Kansas City. A motion for a new
the defendants, U . S. Hist. Attorney Miller, it is said, having trial will be filed by the attorneys for the defendants.
— State banks in Texas which are delinquent in furnishing
concluded that the Government, on further investigation,
could not make a case against them. These three are Andrew statements of their condition under an official call will here
J. Kavanaugh of Springfield, 111., Patrick ltyan of Chicago after receive from the State Commissioner of Banking and
and J. W . Irwin of Chicago. They had been identified with Insurance as a reminder a special telegram sent at their own
the Iron Workers’ Union. John J. McNamara and James B. expense. If they fail to respond to this, they will have to
McNamara, who were among those indicted, will not appear, submit to a special examination and bear the expense of
and Daniel J. Brophy of Brooklyn, another defendant, is the same.
unable to be at the trial. Altogether, it is stated, 46 de
— The Investment Bankers’ Association of America will
fe n d e rs were actually on trial with its opening, but this hold its annual convention in New York City about N ov. 20
number was reduced by one last week, when Edward Clark Special committees are now at work upon the program
of Cincinnati, changed his plea of not guilty to guilty on and general arrangement of the proceedings which will prob
all the 55 counts in the consolidated case. The defendant ably occupy a period of two or three days. It is understood
was business agent of the Cincinnati local union of the that the New York members are working on an elaborate
International Association of Bridge and Structural Iron plan of entertainment and a special train, probably the
Workers from January 1908 to July 1911. Prior to the ar I second section of the Twentieth Century Limited, will carry
1018
THE CHRONICLE
the Western contingent to New York under arrangements
made by Robert C. Taylor and Willard N . Record of Chicago.
It is planned to make this special train one of the most
notable features of the convention preliminaries. Members
of the Association from all of the leading Western cities will
be invited to join the Chicago bankers on this train.
— The plans for merging the Standard Trust Co. of this
city with the Guaranty Trust Co. were approved by the
respective shareholders on Tuesday, the 15th inst., the
stockholders of the Guaranty at the same time sanctioning
the addition of $500,000 to the capital, bringing it up to
$10,000,000. Early in the month an increase of $4,500,000
was voted, the amount then being raised from .$5,000,000
to $9,500,000. Until the completion of the new Guaranty
Trust building at 140 Broadway early the coming year, the
quarters of the Standard Trust Co. at 25 Broad Street will
be maintained by the consolidated institution and will be
known as the Standard branch of the Guaranty Trust Co.
The deposits of the latter on Thursday, when the consoli
dation went into effect, amounted to $189,301,171, these
figures including those of the Standard Trust. William C.
Lane, who was President of the latter, has become a Vice
President of the Guaranty. James M. Pratt, formerly a
Vice-President of the Guaranty, but who resigned last
spring with his election as a Vice-President of the Standard
Trust, re-enters the official staff of the Guaranty, again
taking a vice-presidency. William C. Cox, also a Vice
President of the Standard; Charles M. Billings, Secretary,
E . B. Bulkley and Zelah Van Loan, Assistant Secretaries
of the Standard, have likewise joined the management of
the Guaranty,— Mr. Cox as a Vice-President, Mr. Billings
as Assistant Treasurer and Messrs. Bulkley and Van Loan
as Assistant Secretaries. The complete roster of the en
larged Guaranty Trust Co. is as follows: Alexander J.
Hemphill, President; Charles II. Sabin, William C. Potter,
William C. Lane, Max May, Lewis B. Franklin, James M.
Pratt and William C. Cox, Vice-Presidents; William C. Ed
wards, Treasurer; E . C. Hebbard, Secretary; Charles M.
Billings and F . C. Ilarrimah, Assistant Treasurers; W . F. H .
Koelsch, Walter Meacham, J. I. Burke, N . D. Putnam Jr.,
E . B. Bulkley, G. W . Williamson and Zelah Van Loan,
Assistant Secretaries; F. J. II. Sutton, Trust Officer, and
Robert H . Cox, Manager of the bond department.
— General Brayton Ives tendered his resignation as Presi
dent of the Metropolitan Trust Co. of this city at a meeting
of the directors on Wednesday. Ilis action is prompted
both by reason of impaired health and advancing years.
General Ives, who is at present in the South at the direction
of his physician, is 72 years of age. He has been at the head
of the Metropolitan for fifteen years, and before that held
the presidency of the Western National Bank, which con
solidated some years ago with the National Bank of Com
merce. He was also formerly President of the Northern
Pacific R y. He continues on the board of the Metropolitan
Trust and is also on the directorate of the National Bank of
Commerce, the Atlantic Safe Deposit Co., the New Orleans
Mobile & Chicago lt R ., and is President of the HeckerJoncs-Jewell Milling Co., the Standard Milling Co., the North
western Consolidated Milling Co. and the Kanonah & Prattsburgh R y.
— The five-story building at 50 Wall Street, owned by
the New York Life Insurance & Trust Co. figured in the
realty transactions of the week, although the negotiations
are said to have been actually closed nearly a year ago.
The property disposed of lies between the building in which
the trust company is housed at 52 Wall Street and that
occupied by the Bank of New York, N . B. A ., at the north
east corner of William and Wall Streets. The name of the
new owner has not been divulged, and this has given rise to
various rumors; one of these was to the effect that the Bank
of New York had acquired the property with a view to
improving the enlarged site with a modern banking struc
ture. The bank has denied that it is the purchaser, and the
further report that the Mechanics’ & Metals’ National,
which recently disposed of its premises to J. P. Morgan &
Co., had secured the property seems also to be unfounded.
The building at 50 Wall Street has been held at a valuation
of $1,500,000, but the price and terms of the present sale
are confidential. The property has a Wall Stx'eet frontage
of 48.10 feet and a depth of 120.1 feet. It was purchased
by the New York Life Insurance & Trust Co. in 1902 from
the Royal Insurance Co. for $1,000,000, subject to a mort
gage of $700,000.
[VOL. LXXXXV.
— A business conference of mortgage representatives of
the United States Mortgage & Trust Co. from some 45 cities
in which that company makes real estate loans in the South,
West and Middle West was held on Wednesday and Thurs
day in the company’s principal office at 55 Cedar St. Among
those attending the conference were prominent bankers and
real estate men from the leading cities of these sections.
— The rumor circulated in real estate circles that the
Columbia-Knickerbocker Trust Co. of this city is planning
to sell its building at 34th St. & 5th Ave. is authoritatively
denied. President King states that as a result of the rumor
some offers were made for this property, one of the finest
in the city; but although the bidders wished the trust com
pany to remain as tenants of the ground floor, the com
pany, it is stated, declined to sell except at a relatively high
figure. The development of the district on account of the
Pennsylvania Terminal improvements, the McAlpin Hotel,
the McAdoo Terminal, the presence of the Waldorf-Astoi'ia,
and the large number of splendid and permaixent store
buildings, such as B. Altman & Co., James McCrccry & Co.,
Oppenheim, Collins & Co., Rogers, Peet & Co., Best & Co.
and Tiffany & Co., make it obvious that this district is
not to suffer from a further nxovement uptown, but is to
remairx the focal point of Manhattan Island. The present
building of the trust conxpany, which is an edifice of the
most beautiful Greek type, designed by the late Stanford
White, was built with a view to carrying ten additional
stories. The trust company is now planning to add these
stories, in order that the property may return an income
proportioxxate to its enoi’inous value.
— The proposed change in the name of the Prospect Park
Bank of Brooklyn Borough to the Bank of Flatbush will be
made about the first of the year. The contemplated move
ment with regard to changing the title was announced last
April.
— The consolidation of the State National Bank of Boston
with the Merchants’ National Bank went into effect on
Monday the 14th, when the business of the State National
was transferred to the quarters of the Merchants’ in the
Scars Building. Althouglx the stockholders of the absorbed
institution will not formally ratify the proceedings until
N ov. 12, the required number has signified assent to the
proposition of Curtis & Sanger under which the merger is
effected and which was alluded to in the “ Chronicle” of
last Saturday. President Alfred L. Ripley of the State
National has beeix elected Vice-Presidexxt and a director
of the Merchants’ National, of which Eugene V. R. Thayer
is President. Alonzo P. Weeks continues as Vice-President
and Cashier. W . F. Burdett, who was Assistant Cashier
of the State National, has been made an Assistant Cashier
of the consolidated institution. An amendment to the by
laws of the Merchants’ National will be made to provide
for five additional members representing the State Natioixal.
The enlarged Merchants’ National has deposits of $25,000,
000 and resources of $30,000,000.
— P. F. Sullivan, Presideixt of the Bay State Street Ry.
Co. of Boston has been elected a director of the Old Colony
Trust Co. of that city.
— A semi-annual dividend of 3 % has been declared by the
directors of the Columbia Trust Co. of Boston, the annual
rate thus being increased from 5 % to 6 % . The institution
has a capital of $100,000.
— The proposal to increase the capital of the First National
Bank of Pittsburgh from $1,000,000 to $2,000,000 was
eixdorsed by the stockholders on the 14th inst. The selling
price of the new stock, as indicated in an earlier issue of
our paper, is $175 per share, thus enabling the bank to add
$750,000 to its surplus of $1,000,000.
— It. J. Davidson has been elected to succeed the late
John G. Jennings as President of the Columbia National
Bank of Pittsburgh. Mr. Davidson had been Second Vice
President of the bank for the past two years, and he is re
placed in that office by E . V. Babcock. R. G. Jennings
lias been elected to the directorate of the bank.
— The directors of the Northwestern Trust Co. of St. Paul,
are said to have agreed to sell their holdings to the dii'ectors
of the First National Bank of that city. The company has
S200,000 capital, and $250 per share was offered for the
stock. The proposed purchase is understood to be in the
interest of James J. Hill, who last week acquired the Second
National Bank of St. Paul, and who is said to be negotiating
for control of the First National. The Minneapolis “ Journal”
of the 15th inst. states that an agreement, signed by the
Oct. 19 1912]
THE CHRONICLE
stockholder^ of the Northwestern Trust Co. several years
ago, may block the sale of its stock. The agreement stipu
lated that the trust company should not be sold for a certain
number of years, and this period, it says, has not yet ex
pired. To effect the sale, it adds, every share of stock must
be obtained.
— Colonel William E . Hughes, who several years ago sold
his holdings in the Continental Trust Co. of Denver, and re
moved to St. Louis, is reported to have again acquired con
trol of the institution, fn the present transaction Colonel
Hughes is said to have taken over 2,000 of the 3,000 shares
of the company. John W . Springer, it is announced, has
resigned as President of the institution. It is understood
that Colonel Hughes returns to Denver to reside there per
manently.
— An application has been presented to the Comptroller
of the Currency to organize the National City Bank of Salt
Lake City with .$250,000 capital.
omm cv ci at^u g tislx|Jjexm<
(From our own correspondent.]
London, Saturday, Oct. 12 1912.
Up to the present time London has not been very much
affected by the Balkan crisis. Since the coal strike there
has been 1 quidation rather than speculation here in London.
More recently, the knowledge that the demand for gold for
many countries would be very large, and that, therefore,
before the year is out there may be dear and scarce money,
served to warn the public against incurring too many risks.
True, trade is exceedingly active and every body is looking
forward to the New Yearas probably the most prosperous the
country has ever known; and as it is believed that the war
will be localized, it is not expected that trade will be much
hindered. On the contrary, it is thought that the struggle
will be short-lived and that probably in the spring the de
mands of the various belligerents will tend rather to increase
than to decrease trade.
Continental countries have felt the shock much more than
the United Kingdom. Perhaps it was felt most in Russia,
where the good crops have stimulated speculation and where,
besides the strong sympathy entertained for the Christians
in Turkey, makes many fear that Russia may be involved.
Vienna felt the mobilization orders in the greatest degree
next to Russia, for Austria-Hungary is intensely inter
ested and money is scarce and dear in Vienna. Indeed, for
a whole twe ve months the Vienna money market has been
badly supplied and people in the rest of Europe had been
looking to it as the place where difficulties were most likely
to arise. Next in order of feeling comes Berlin, which has
not even yet recovered from the withdrawal of their balances
by the French banks twelve months ago, and where the
difficult September liquidation was only ending on the very
day when the mobilization orders were issued. Fourth in
order comes Paris. There had been a somewhat rash specu
lation goi g on in Paris in Russian securities, and to a lesser
degree in copper and copper shares, diamonds and diamond
shares, and so on.
There has been large selling from all these four bourses,
and particularly from Berlin and Paris. Berlin sold Ameri
can securities on a vast scale. Paris has sold all sorts of
things, Americans among the rest, but everything for which
there was a free market abroad. The general belief is that
the liquidation is nearly over. Everybody now is convinced,
as already said, that the war will be localized, and as Russia
and Austria-Hungary are acting together as the mouth
pieces of Europe, it is hoped that the European Concert will
be maintained, and after a while will be able to restore peace.
Were it not for the war there would be much concern felt
here for the large gold drain that is going on. Beginning with
the date of the last of these letters and ending with last night,
the total gold withdrawn from the Bank of England amounted
to £ 2 ,083 ,00 0, while the purchases of bar gold amounted to
£5 40 ,0 00 . Egypt, Germany and Brazil were the largest
takers. Egypt took £1 ,105 ,00 0; Germany, £4 48 ,0 00 , and
Brazil^ £4 00 ,0 00 . It is believed now that the German de
mand is satisfied, while it is not thought likely that Brazil
will take much more for several weeks at all events. But
the Egyptian demand is expected to be very large, and in
view ol the tense situat on created on the Continent by the
Balkan crisis, the Bank of England will most likely have to
put up its rate to 5 % . There is much apprehension as to
what m ay be the result if money becomes dearer and scarcer
both in Vienna and in Berlin. Even now open market rates
in both these cities are quite up to the Bank rate, and as it
is thought certain that the Vienna rate will be raised to 6 %
if it is moved at all, it is feared that before the year is out
it may be raised still higher.
.
The India Council offered for tender on Wednesday GO
lacs of its bills and telegraphic transfers, and the applica
tions exceeded 8743^ lacs at prices ranging from Is. 4 l-32d.
to Is. 4 3-32d . per rupee. Applicants for bills at Is. 4 l-32d .
received about 1 % and above in full, while applicants for
telegraphic transfers at Is. 4 3-32d. per rupee were allotted
in full.____________________________
"I $ . ;
English Financial Markets— Per Cable.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week: ,,
1019
London.
Week ending Oct. 18.
Sat.
Silver, peroz......... ......... d. 29
dConsols, 2% per cents____ 73 5-10
d For account................. 7 3 %
d French Rentes (In Paris) fr. 87.97
Amalgamated Copper C o ... 8931
Am. Smelt. & Refining Co______
6 Anaconda Mining Co_____
9%
Atchison Topeka & Santa Fe.111%
Preferred-....................... .........
B a lt i m o r e & O h i o ....................... 1 0 9 %
P r e f e r r e d ..............................................
C a n a d ia n P a c i f i c - ....................... 2 6 8 %
C h esap eak e & O h io . .
84
C h ic a g o G r e a t W e s t e r n .
.
C h ic a g o M ilw . A S t . P a u l
.1 1 3 3 1
D e n v e r & R i o G r a n d e .............. 2 1 %
P r e f e r r e d ____
E r i e .................................. I I I I I I I 3 6 %
F ir s t P r e f e r r e d . . ................
52
S e c o n d P r e f e r r e d ____________ 4 5
G r e a t N o r t h e r n , p r e fe r r e d _________
I ll in o i s C e n t r a l..............................1 3 2 %
L o u is v ille & N a s h v i ll e _______ 1 6 1 %
M is s o u r i K a n s a s & T e x a s . . 2 8 %
P r e f e r r e d ________
M is s o u r i P a c i f i c _____" " I I I I I I I
N a t . H R . o f M c x . , 1 st p r e f . . . .
S e c o n d p r e fe r r e d
N . Y . C e n tr a l & H u d s o n R i v . l i s
N . Y . O n t a r io & W e s t e r n . . . _____
N o r f o l k & W e s t e r n _____
118%
P r e f e r r e d .....................
N o r t h e r n P a c i f i c . . . .............. I I " "
a P e n n s y l v a n i a .................
" 04 *
a R e a d in g C o m p a n y . . . ’
S9
a F irst. P r e f e r r e d . . .............................
a S e c o n d p r e f e r r e d . . ..................’
R o c k I s l a n d ________________I " 2 6 %
S o u t h e r n P a c i f i c . _________ I . . 1 1 2 %
S o u t h e r n R a i l w a y ___________ I 3 0 %
P r e f e r r e d ..........................
* s F
U n io n P a c i f i c ____________I I I 1 7 5 %
P r e f e r r e d ............................. 1 .3 9 1 %
U . S . S t e e l C o r p o r a t i o n .. 11
79
P r e f e r r e d ............. .................... i j s
W a b a s h ___________________ I I ”
4%
P r e f e r r e d _________________ H I 1314
E x t e n d e d 4 s ________________ _ . t _
a P rice p e r sh a re ,
b £ sterlin g",
fla t p r ic e s .
Mon.
Tues.
Wed.
Thurs.
Fri.
29 7-16 29 5-lfli 29%
29 5-16 29%
72%
72%
72 15-16 73 1-16 73 3-16
73
73
73 1-16 73 3-16 73%
88.95
89.20
89.70
89.55
88%
90%
92%
93%
92%
87
87%
88%
90
89%
9
9
9%
9%
9%
1 1 1 ?^
112%
113
112%
112%
104%
101%
105
105
105
109%
109
110
111
110
88%
89
88%
89%
89%
270%
274%
270%
276%
275
82%
84
84%
85%
85%
10
17
17
17%
17%
113
114%
115%
115%
115%
21
21%
22%
22%
22%
40%
40
41%
41%
41%
30
30%
37
37
36% .
53%
53%
54%
64%
54
44%
44%
45%
45%
45
Cl39%
141
142
143
143
131
132
133
133
133
161
163%
165
165%
165
28%
29%
29%
30
29%
65%
66
67
67
66%
45
45%
46
46
46
65
65
65
65
65
26%
27%
28%
27%
27
117
117%
118%
119%
118%
36%
36%
38%
38
37%
117
118
119
119%
119%
__ _
91
92
i §8
129%
130%
130%
130
63%
63%
64
64
64
90
90%
91%
91%
90%
45%
45%
45%
47%
47%
____
49
49
26
26%
27%
28
27%
112%
113%
114
114
113%
29%
29%
30%
30%
30%
83%
85
85
84%
84
176%
176%
177%
177%
177
91%
00%
92
92
92
79%
80
80%
81
81
117
117
118
118
118
5
4%
4%
4%
4%
13%
14%
14%
15
14%
69
.
69%
70
70
70
c E .-dividend
d Quotations here given are
ato m m erctn l a n d g tls c e lta n e n nsglE tB g
Breadstuffs Figures brought From page 1067.— The stabF
ments below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
Receipts at—
Chicago___
Milwaukee. .
Duluth____
Minneapolis.
Flour.
Wheat.
Corn.
Oats.
Barley.
Bye. •
bbls.imbs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bushA8lbs bu. 50 Ufa.
183,433
96.S00
4,000
890,500
288,650
3,428,081
3,593,950
163,000
13.000
16,596
630,840
32.000
998,400
303,600
1,637,950
79,060
397,146 10,358,617
317,483 7,768,221
425,597 7,022,058
2,605,617
2,580,397
2,754,324
6,513
Detroit____
Cleveland . .
St. T/Ouis__
1 ,0 0 0
73,000
32,400
Kansas City.
Total wk.’ 12
Same wk.’ ll
Same wk. '10
2,683,v>
417,600
90,345
550,140
81,000
63,000
15,661
496.400
172.400
209.100
390,260
25,330
56,300
43.200
34,192
262,963
300,072
55.200
105,3 j0
655,500
486,200
604,519
917,G80
136,500
95,700
35,594
208,700
400
145,800
5,169,706 2,810,099
3,559,979 3,200,785
4,234,290 2,595,391
484,194
344,441
102,888
Since Aug. 1
1912........ 3,757,801 100,324,869 36,671,186 62,257,071 18,437,479 5,180,892
1911____ 3,530,843 72,631,384 35,141,298 43.050.207 23,973,442 2,831,563
1910........ 4,124,398 88,394,4
40,173,578 63.522.207 16,982,983 1.670,790
Total receipts of flour and grain at the seaboard ports for
the week ended Oct. 12 1912 follow:
Receipts at—■
New Y ork..........
Boston
Philadelphia___
Baltimore...........
New Orleans *__
Newport News__
Norfolk...............
Galveston______
Mobile_________
Montreal.............
Flour,
bhl.s.
148,178
42,807
68,221
42,792
28,417
Wheat,
bush.
Com,
bush.
67,250
41.000
34,993
97,714
68,400
369,050
95,474
181,496
879,723
99,000
483,000
312,000
11.000
10,000
98,499
1.000
1,000
78,219
’ " ‘ TOO
’ 2 ,666
24,446
Oats,
bush.
1,158,000
366,424
531,732
193,303
387,000
883,487
Barley,
bush.
3,825
20,000
1,000
3,286
Rye
bush.
800
8,409
7,000
31,600
59,711
18,546
Total week 1912 . 357,561 3,832.546
428,856 2,187,902
34 755
516',249
54,633
■ I __ ___ __ „-w,vw«v,*vv.,vW 752,100
Receipts do not include grain passing through New Orleans for foreign porta
on through bills of lading.
•
The exports from the several seaboard ports for the week
ending Oct. 12 are shown in the annexed statement:
Wheat.
E x p o r ts from —
bush.
New Y o r k ........... 683,226
B o s t o n ____________
P hiladelphia___
B a l t i m o r e ................
330,012
400.000
181,470
285.000
New Orleans___
Newport News__
Galveston______ 8*78.666
Mobile_________
Montreal_______ 840,000
Total week___3,615,714
Week 1911.........1,142,963
C orn ,
bush.
14,668
6,382
12,500
10,000
Flour,
Oats,
b b ls.
bush.
99,541
153,076
7,921
36,000
52,000
13,776 1,041,000
10,200
6,500
483,000
4,666
2.000
1,000
71,000
146,000
Rye,
bush.
9,242
Peas, Barley,
bush. bush.
16,895 13,311
m u
m u
V.066
22I606
43,550 251,138 1,882,576 10,242 38,895
737,775 204,217 150,849 ......................
m i:
........
13,311
5,761
The destination of these exports for the week and since
July 1 1912 is as below:
Since
W eek
and Oct. 12.
since July l to—
bbls.
F .x p o r t s fo r ic e e k
J u ly 1
1912
b b ls.
Week
Oct. 12.
b u sh .
icm------------ -------- -Co m ----------Since
July 1
Week
1912.
Oct. 12.
1912.
b u sh .
United Kingdom...123,379 1,167,330 1,487,859 20,554,130
Continent.... ......... 65.315 349,629 2,067,855 18,012,411
Sou. & Cent. Anier. 13,777 340,108
48,750
282,980
West Indies......... 34,267 470,121
11,250
16,123
Brit. Nor. Am. Cols.............
ll),-352
Other Countries___ 14,400
82,818
4,000
Total................. .251.138 2,429,358 3,615,714 38,869,646
3.018,141 1,142,983 25,174,113
b u sh .
123,379
65,315
13,777
34,267
1,167,330
349.629
340,108
470,121
19,352
11,400
82,818
251,138 2,429,358
737,775 8,581,295
THE
1020
[VOL. LXXXXV
C H R O N IC L E
T h e w o r l d ’s s h i p m e n t s o f w h e a t a n d c o r n f o r t h e w e e k
e n d i n g O c t . 1 2 1 9 1 2 a n d s in c e J u ly 1 1 9 1 2 a n d 1 9 1 1 a r e s h o w n
Name of Company
W fa
Trust Companies.
Broadway (quar.) — ........................—
in t h e f o l l o w i n g :
Nassau (quar.)...............- .......................
Wheat.
1912.
Exports.
Since
July 1.
Week
Oct. 12.
Since
July 1.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
245,000 7,241,000
40,000
49.306.000
30.138.000 136.000 4.600.000 17.380.000
26.599.000 119.000 7.934.000 22.093.000
60,000
16.792.000 6,154,000 89,238,000
14.272.000
16.034.000
3,139,000
13488000 181,734,000 150,280,000 6,449,000 102,017,000 40,780,000
North Amer. 6.384.000
Russia........ 3.064.000
Danube___ 1.128.000
1.224.000
Argentina
Australia. . . 384.000
India........- 1.096.000
Oth. countr’s 208.000
Total
m e n tio n e d
59.730.000
40.107.000
21.633.000
23.258.000
6.944.000
27.248.000
2.814.000
w a s a s fo llo w s :
Com.
Wheat.
:
Oct.
Oct.
Oct.
Oct.
12
5
14
15
1911.
1912.
1911.
Since
July 1.
Week
Oct. 12.
Bushels.
viiscehaneous.
Com.
United
Kingdom.
Continent.
Bushels.
Bushels.
1912.. 17.928.000
1912 — 18.480.000
1911-- 18.536.000
1910. - 16.024.000
Total.
United
Kingdom.
Continent.
Total.
Bushels.
Bushels.
Bushels.
Bushels.
18.040.000 35.968.000
20.208.000 38.688.000
9,848,000 28.384.000
24,648,000 40.672.000
11.297.000
10.974.000
1.955.000
8.041.000
19.950.000
20.103.000
2,873,000
14.416.000
31.247.000
31.077.000
4,828,000
22.457.000
Canadian Bank C learings— T h e c le a r i n g s f o r t h e w e e k e n d
in g O c t 1 2 a t C a n a d i a n c i t i e s , in c o m p a r i s o n w i t h t h e s a m e
w e e k o f 1 9 1 1 , s h o w s a n in c r e a s e in t h e a g g r e g a t e o f 2 0 . 8 % .
Week ending Oct. 12.
Clearings at—
1911.
Canada—
,745,808
Montreal .................
972,940
Toronto-------- ------------220,895
Winnipeg.................
,408,603
Vancouver-----------,428,783
Ottawa...... ...................
,584,576
Quebec....................
,073,289
Halifax - ...................
311,434
Hamilton-------------,825.459
St. John...................
070,047
Calgary..........................
808,364
London - ...................169,210
Victoria.........................
,434,958
Edmonton----------------,831,482
Regina....................
056,759
Brandon---------------530,148
Lethbridge-----------,540,280
Saskatoon ...............
,325.409
Mooso Jaw....................
684,394
Brantford ........... -
823,579
Fort William...........
Total Canada............. 189,729.023
Inc. or
Dec.
%
51,900,863
35,424,209
26,973,197
12,164,737
4,499,879
2,701,188
1,797,129
2,580,711
1,482,064
4,475,845
1,450,087
2,803,830
2,403,525
1,003.705
643,236
615,918
1,480,445
916,818
526,824
554,119
+ 17.0
+ 21.3
+ 15.8
+ 10.7
— 1.6
+ 32.7
+ 48.7
+ 28.3
+ 23.1
+20.8
+ 24.7
+ 48.7
+ 84.5
+70.0
+ 2.1
— 12.8
+ 71.0
+44.6
+ 30.2
+48.6
1909.
$
41,869,208 44,054,870
34,427,845 33,600,400
24,175,807 22,325,941
9.517.104 7,437,835
4,145,810 3,040,953
2,576,203 2,288,035
1,847,220 1,863,780
2,075,390 1,823,204
1,014,770 1,394,554
2,930,290 2,175,807
1,339,093 1.172.000
2,335,083 1.431.000
1,817.413 1,152,051
809,130
1.248.104
012,325
441,872
157,003,329 +20.8 132,980,935 125,230,817
D IV ID E N D S .
T h e fo llo w in g s h o w s a ll th e d iv id e n d s a n n o u n c e d fo r th e
fu tu r e b y la r g e o r im p o r t a n t c o r p o r a tio n s :
D i v i d e n d s a n n o u n c e d th is w e e k are p r i n t e d i n it a lic s
Name of Company.
Railroads (Steam).
AtcU. Top. & S. Fc, com. (qu.) (No. 30).
Per
Cent.
When
Payable.
Books Closed.
Days Inclusive.
Per
Cent.
IX
2
When
Payable.
Nov.
Nov.
1O
1O
Books Closed.
Days Inclusive.
Oct. 31
Nov. 1
Nov. 25 I
Nov. 15
Nov. 15 N
Nov. 15
X Nov. 15 N
Amer. BeetSugar.com. (quar.) (No 5)..
IK Nov. 15 I
11
American Cigar, common (quar.) .........
I X Nov.
to
Nov. 1
\<>v. 1
Amor. Gas & Elec., pref. (qu ) (No. 23)..
IX
tp
Nov. 3
Nov. 1 (
2
AmericanOlue, com m on... ......................
to
Nov. 3
1
Nov. 1 (
Common (extra)------ ----------------------Nov. 1 I
Amer. Iron & Steel Mfg.,com.&pf .(spec.) 2
Oct. 31
Nov. 1 L
American Light & Trac., com. (quar.). . .
2X
Oct. 31
1(
Common (payable in common stock).. 2 X f Nov.
Oct. 31
Nov. 1 (
Preferred (quar.).................... ............
ix
Oct. 20
American Locomotive, preferred (quar.)
l h Jet. 21 8
Nov. 2
Amer. Malt Corporation, preferred.......... 2 X .Nov. 2 (
i of rec. Oct. 17
American Malting, preferred................. $1 55 Nov. 1 1
Bond & Mortgage Guarantee (quar.)----3K Nov. 15 I
$5 Dec. 16 1
Buckeye Pipe Line (quar.).......................
1I
Butte Electric A Poicer, pref. (quar.)..........
IK Nov.
Cambria Steel (quar.)...............................
IK Nov. 15 I
Jet. 25 1
Canada Car & Fdy., pref. (quar.)..........
IX
10 to Oct. 25
Oet. 26 (
1
Chicago Pneumatic Tool (quar.)_______
1I
1-3 Dec.
Cities Service, common (monthly).............
1I
Dec.
Preferred (monthly)__________ _____
l i
Nov.
Cities Service, common (monthly).........
11
Vo Nov.
Preferred (monthly) . ______________
IK Nov. 1 1
Claflin (H. B.), first preferred (quar.)...
l 1
IK Nov.
Second preferred (quar.)......................
1
IK Nov.
Commonwealth Edison (quar.)..............
to Oct. 21
IK Dct. 21 (
Consolidated Ice, Pittsburgh, pref. (quar.)
IK Dct. 31
Consolidation Coal (quar.).......................
31
Oct.
IK
Cuyahoga Telephone, preferred (quar.)..
IK Dec. 16 I
Diamond Match (quar.).........................
20 to Oct. 16
X Dct. 31
Distillers’ Secur. Corp. (quar.) (No. 40)..
20 to Oct. 16
Oct. 30
1
Distilling Co. of America, pref. (quar.)...
16 to Oct. 25
IK Oct. 25 (
Pnnt(E.I.)de Norm urs Pow.. pf.(qu.).
2
1
Dec.
2K
Eastman Kodak, common (extra).........
Nov. 1 1
Edison Elec. 111. of Boston (qu.) (No. 94) 3
Nov. 13
27
1l> Nov. i (
Electrical Securities Corp.. pref. (quar.)
Oct. 31
20
Electric Bond fc Share, pref. (qu.)(No.30)
IK Nov. 1 (
1(
Emerson-Brantlngham, pref. (quar.)-----IX Nov.
Nov. 1 1
10
Eureka Pipe Line (quar.)...........
Nov.
11
Fall River Gas Works (quar.) (No. 72).-- 3
Federal Sugar Refining, common (quar.)
IK Oct. 28 I
IK Oct. 28 i
Preferred (quar.)...............................
11
IK Nov.
Ft. Worth Pow. it Lt., pf. (qu.) (No. 6 )...
2I
General Chemical, com. (quar.)..............
IK Dec.
3K Nov. 1
General Motors, preferred............. .........
25c. Nov. 30 r
Greene-Cananca Copper Co............. —
30c oet. 31
Goldfield t onsolldated Mines (quar.) —
2K Nov. 11
1(
IK Nov.
IK Oct. 19 1
50c. Oet. 25 i
62 K c •Nov. 1 1
1
7 bn. Nov.
Preferred (No. 20).......
to Oct. 31
IK Not. 1 (
Illinois Northern Utilities,
f rec Oct. 23
$4 Nov. 15
Indiana Pipe Line (quar.).
to Dec. 2
2
Dec.
to Nov. 1
Preferred (quar.)................ .
IK Nov. i
to Nov. 15
Nov. 15
el
Iaternat. Silver pref..(account accui
Nov. 15
4
Inter. Smokeless Powder <fe Chem., pref
IK Nov. 1
Internat. Steam Pump. pf. (qu.) (J~
Kansas City Stock Yards (quar.) —
IK Nov. 1
22 to Oct. 31
1
IK Nov.
rs of rec. Oet. 31
Nov. 2
3
1 to Oct. 17
21
Oct.
2K
La Rose i 'onsolldated Mines (quar.).
2K Oet. 21
Lehigh Valley Coal Sales (No. 1)----10 to Nov. 1
IK Nov. 1
ers of rec. Oct. 14a
Nov.
i
$1
i (la s t os .c o m m o n (o u a r .l
M assach"
13 to Oct. 31
3K Nov. 1
Nov.
16
60c.
Miami Copper (quar.) (No. 3)----6 to Nov. 15
National Carbon, preferred (quar.).
IK Nov. 15
to Nov. 26
National Lead, preferred (quar.)__
IK Dec. 10
•
2
to Nov. 1
1
Nov.
New Central C o a l _____________
Oct. 17
oct. 21
5
Nipissing Mines (quar.)................
O t 17
Oct. 21
Evtra .....................................
Jan.
2
.
IK
North American Co. (quar.).........
»ct. 25 nice of rec. Sept.28a
$3
to Nov. 1
- IK Nov. 1
Pacific Coast Co., common (quar.).
to Nov. 1
. IK Nov. 1
First preferred (quar.)................
to Nov. 1
. IK Nov. 1
Second preferred (quar.).............
) IK tNov. 1 ___ __ to Oct. 31
.
IK Nov. 25 Holders of rec. Nov. 2
People’s Gas Light it Coke (quar.)...
rec. Oct. 14a
IK Oct. 25
Pittsburgh Coal, preferred (quar.)..
to Oct. 31
.
IK Nov. 1 ___...
Nov. 15 Holders of rec. Oct.31a
, 3
Procter & Gamble, common (quar.).
Nov. 1 Holders of rec. Oct.21a
l
Df rec. Oct.21a
- IK Nov. 1
Preferred (quar.)__________
.. . if rec Nov ta
.
1X MOV. 30
Quaker Oats, preferred (quar.).
.
IK Nov. 15 Holders of rec. Oct. 31a
I*.liters of rec. Oct
7
Shawinlgan Water & Power (quar.).
Siegel Stores Corporation, pref. (quar.)
.
IK Nov. 1 Holders of rec. Oct. 15a
Holders
of
rec.
Nov.
11
15
Nov.
Silversmiths Company (quar.)--------- IK
• • 25 to Oct 31
•ft.
- 2x
Oct. 25 Holders of rec. Oct.17a
) 5
Trenton Potteries, rum loll e n >’/ .(q
Holders of rec. Oct.17a
25
1
Oct.
Non-cumulallve preferred (quar.). .
Nov.
1 Holders of rec. Oct.24a
1
United Cigar Mfrs., common (quar.).
Holders of rec. Oct.25a
1
Nov.
2
United Drv Goods, common (quar.).
1 Holders of rec. Oct.18a
$3.50 Nov.
United Electric Securities, preferred.
1 Oct. 20 to Oct. 31
. IK Nov.
U. S. Bobbin it Shuttle, pref. (quar.).
le Nov. 11 Holders of rec. Oct. 25
United States Envelope, preferred----IK Nov. 15 Nov. 5 to Nov. 15
.
IK Nov. 1 Holders of rec Oct.19a
‘ *“
15
Oct 31 Oct. 12 to ~Oct.
1
U. S. Rubber, common (quar.)..
Oct. 15
Oct. 31 Oct. 12 to
2
First preferred (quar.).............
Oct.
12
to
31
Oct.
15
Oct.
.
IK
Second preferred (quar.)------->ct. 31 Holders of rec. Oct. 15a
, 3
V a o n u m OH
.
...................
IK )ct. 21 Holders of rec. Oct. 10a
Vulcan Detinnlng, pref. (quar.).
) IK Oet. 2’ Holders of rec. Sept. 30
Nov. 15 Holders of rec. Oct. 31
, 4
Warwtck Iron A Steel......................
>ct. 31 •l tilers of rec, sept.30a
)
l
Wnstinghouse Elec * Mfg.. com., (qi
.
IK Nov. 1 Holders of rec. Oct. 22
White (.1. G.) Co., Inc., prf. (quar.)
d 3K Nov. 1 Holders of rec. Oct. 19
•Amalgamated Copper (quar.)....................
American Rank Note, common (quar.)----Common (extra)------------------------ -----
IX
1
2 Holders of rec. Nov. la
iK Dec.
2K Nov. 11 Nov. 1 to Nov. 10
Nov. 1 Holders of rec. Oct.21a
Central HU. of New Jersey (quar.)- --- - 2
Nov. 1
Nov. 1 Oct. 22 to
3
Cincinnati Sandusky ifc Cleveland, pref. . .
21 Oct. 2 to Oct. 30
I X Oct.
Clev. C in . Chic. A St. 1... prof. (quar.)..
Delaware Lack. & Western (q u a r .)...... 2 X Oet. 21 Holders of rec. Oct. 4a
4 Holders of rec. Oct. 26
2 X Nov.
Georgia Southern <fc Fla., ls( & 2d pref—
Nov. 8 Sept. 21 to Oct. 24
Grand Trunk, guaranteed........................ 2
21 to Oct. 24
First and second preference................. 2K Nov. 81 Sept.
Holders of rec. Oct.17a
IK Nov.
Great Northern (q u ar.).........................
Oct. 7 to Oct. 24
Mexican Railway, ordinary...................... 1 15-16 Oct..
Oct. 7 to Oct. 24
Oct.
4
First preferred......................................
Oct. 7 to Oct. 24
Oct.
3
Second preferred...................................
Nov. 9 Holders of rec Oct.2la
Missouri Kansas & Texas, preferred........ 2
Holders of rec. Oct. 15a
1
Nov.
4
Vt
Nashua A Lowell-------------------------------1 Holders of rec. Oct. 15a
X Nov.
E xtra ............................. ............ ........
Nov. 18 Holders of rec. OctJUa
1
Norfolk & Western, ad), pref. (quar.)----1 Holders of rec. Oct.10a
I X Nov.
Northern PaciOc (quar.)-----25 Holders of rec. Oct.15a
Pitts. Cin. Ch. & St. L., com. & pf. (qu.)
I X Oct.
Nov. 14 Holders of rcc. Oct.2Pa
Reading Company, com. (quar.)-----IX
Dec. 12 Holders of rec. Nov.26a
1
Reading Co., first preferred (quar.)----15
Rome Watertoum A Ogdensburg (quar.)
Nov. i Oct. 12 to Nov. 11
1
2K Oet. 28 Holders of rec. Oct. 5
Southern Rail wav, preferred....... .
Oct. 19 Holders of rec Oct. 5a
1
Western Maryland, preferred (quar.).
Street and Electric Railways.
I X Nov. 15 Holders of rec. Nov. 1
Brazilian Trac., Lt. & Pow., Ltd. (qu
Nov. 1 fielders of rec. Oct. 15
IX
Columbus (O.) Ry.. pref. (quar.) . . 1 Holders of rec. Oct. 19a
I X Nov.
Nov. 15 Nov. 1 to Nov. 15
1
Nov. 1 Holders of rec. Oct. 21
2
Easton Consolidated Electric Co.
1 Holders of rec. Oct. 15a
I X Nov.
d Correction.
a T r a n s fe r b o o k s n o t c l o s e d fo r t h is il lv (le n d ,
o l.e s s irm om e
I X Oct. 20 Holders of rec. Oct.10a
1 Holders of rec. Oct. 15a e On account of accumulated dividends. / Payable In common stock.
I X Nov.
Oct.
27
to
Nov.
16
10
Nov.
2X
Nov. 16 Oct. 27 to Nov. 16
3
Preferred.
Auction Sales.— A m o n g o t h e r s e c u r i t i e s , t h e f o l l o w i n g , not
1 Holders of ree. Oct. 15a
I X Nov.
1 Holders of rec. Oet. 15a
I X Nov.
Preferred (quar.) (No. 7)........
Nov. 10 Holders of rec. Oct.31a usually dealt in at the Stock Exchange were r e c e n t l y s o l d a t
1
Lehigh Valley Transit, preferred.
1 Holders of rec. Oct. 15a a u c t i o n in N e w Y o r k , B o s t o n a n d P h i l a d e l p h i a :
I X Nov.
1 Oct. 13 to Oct. 31
I X Nov.
Moxico Tramways (quar.)......................
B y M e s s r s . A d r i a n H . M u lle r & S o n s , N e w Y o r k I X Oct. 31 Holders of rec. Oct. 21
Milwaukee El. Ry. & Lt.,pf.(qu.) (No.52
Per cent.
Holders of rec. Oct. la Shares.
1
Nov.
Percent. Shares.
IH
Philadelphia Co., com. (altar.) (No. 124)
5 Pitts. Bess. * Lake Erie RR.,
Holders
of
rec.
Oct.15a
2 2d United Cities Realty Co.,
Public Service Invest., pf. (qu.) (No. 14 $ 11i Nov. 1 Oct. 22 to Oct. 31
per sh.
Nov. 1
1
pref., Ser. B, Class A------ 60K Bonds. pref. ($50 each)-----$64K
Railways Company General (quar.)-------Per cent.
1 Holders of rec. Oct. 10
25 Single Service Pkgc. Corp. of
I X Nov.
$1,000
Military
&
Nay.
Cup.
1 Holders of rec. Oct. 10
America....................$5persh.
2H
1 0 -year 5s, 1920, J.-J ......... .
10
$1K Nov. 1 Holders of rcc. Oct.16a 7,500 Round Mtn. Sphinx Mfg. Co.
Sierra Pac. Elec. Co., pf. (qu.) (No. 13).
($1 each)..................8c. persn $2,000 Montgom. & Eric 1st ext. 5s,
1 Oct. 22 to Oct. 31
I X Nov.
1920, M .-N .............................. 103 K
25 First Nat. Bank, N. Y..1014-10D
Nov. 1 Holders of rec. Oct. 17a
2
21 Holders of rec. Oct. 7a
l
Virginia Ry. & Power, common..
B y M e s s r s . F r a n c is I lc n s h a w & C o ., B o s t o n :
Nov. 1 Holders of rec. Oct. 24
Washlnqlnn-VlrqlnlaRy., common.
IX
$ per sh.\ Shares.
$ per sh
2 ' Nov. 1 Holders of rec. Oct. 24 Shares
Preferred...................................
'
8 Old Colony Trust Co. rights-- 36X
f> Fremont A Suffolk Mills----- 1-0
Banks.
1 Pepperell Mfg. Co_________ 290 I
6 Great !•alls Mfg. Co----------- 1.)6
Nov. 1 Oct. 17 to Oct. 31
2
pacific (guar.) -----------------------Atlantic Coast Line RR., preferred...........
THE
Oct. 19 1912.]
B y M essrs. R . L . D a y
DETAILED RETURNS OF TRUST COMPANIES.
& C o ., B o s t o n :
S per sh.
Shares.
8 per■sh. Shares.
335 Pueblo Rocky-Ford Irrig.Co.Sl lot
5 National Shawmut Bank--- 235
12 Old Colony Trust Co. rights.- 35
Bonds.
Per cent.
9 Croat Falls Mfg. C o .- - -----1 9 0
10 Massachusetts Cotton M1HS.-120J4 $107,000 Pueblo-Rocky-Ford Irrlg.
Co.
coll,
trust
6a,
1930:
July
1912
2 Nashua Mfg. Co. ($500 each) .625
coupon on.... ................... - ......... 50 flat
1 Lawrence Mfg. Co--------------- 176
$26,000 Pueblo Rocky-Ford Irrlg.
21 Regal Shoe Co., prof----Co. deb. 6s, 1916; July 1912 cou
15 Plymouth Cordage C o ...219^-220
pon on.........................................40 flat
10 American Clue Co., pref----$55,000 Carolina-Tennesscc Power
10 New England Casualty C o ... 150
Co. 1st 53. 1959, temp, ctfs........ 20 flat
10 Dartmouth Mfg. Co., com— 246
B y M e s s r s . B a r n e s & L o f la n d , P h ila d e lp h ia :
S per sh. Shares.
Shares.
S per sh-
3 Guarantee Tr. & S. D. Co.. . 157K 5 Jamestown Hotel Corp.......SI lot
5,000 Bertolet Flit. Sand & G. Co.
3 John B. Stetson Co., com...460
SI each)............................ -83-1 lot
10 Pbtla. & Trenton RR. Co...250
100 Am. Sight-Seeing Car & C.
70 ins. Co. of Nor. Am. ($10ea.) 215i
Co. ($10 each)___________ SI lot
5 Amer. Academy of Music...201 'A
500 Phila. Cyanide Process Co.
2 Girard F. & Marine Ins. C o..280
($10 each).......................... -51 lot
15 Fourth Street Nat. Bank-----323
10 Pneum. No-Puncture Wheel
50 Finance Co. of Pa., 2d prof..107
Co
-SI lot
1 Girard Trust Co.......
— 986
60 Atlantic Product Co.($25 ea.)
20 People’s Tr. Co. ($50 each).. 45
S33 lot
3 Real Estate Trust Co., prof.. 96^
130 Millville Filt. Sand & B. Co.
25 Camden Fire Ins.Assn.($5ea) 13
($10 each)............................ §4 lot
2 Fire Assn, of Phila.($50 ca.)356-357
10 Union Paper Co..................... -SI lot
• 40 People’s Nat. Fire Ins. Co.
i
($25 each).....................
19
1 Reliance Ins. Co. ($5ueach)_ 90
s 9 Rest. Man. & F. Pass. Ry.,pf. 65
► 5 Continental Passenger Ity— 114
5 Ardmo.-e & Llanerch St. Ity.
($50 each)......................-- 4 8
50 Amer Pipe & Construe. Co..
t
874+88^
i " 3 Phila. Bourse, oref. ($25 ca.) 14
8 Phila. Bourse,com.655) ea.) .3 t t - *
5 Consumers’ Brewing Co------ S o lot
6 Phila. Life Ins. Co.($10 each) 10?*
5 Standard C. I. Pipe <VF. Co., o
' 100 German Commercial Accident
Co. ($10 each).................. o %
100 Federal Health & Acc. Co.
(SlOca-h).................. - - - - 1
5,000 Gold Bar Placer Min. Co.
(SI each).....................----81 l°t
500 Maries Carved M’ld’g Co.,
pref. ($ 5 each)---------------81 lot
1,500 Maries Carved M’ld’g Co - -
com. ($ 5 each)__________ 51 lot
4,267 Crucible Flake Graphite Co.
($1 each)_________________SI lot
130 Millville Granite Brick Co.
($10 each)-----------$3 lot
1C. A. La Point Flour Gold
Sep. Co. ($10 each)---------SI lot
2,030 Moscow Min. Water Co. $1
each)____________________SI lot
5 Atl. City Cooling Co.($50 ea.) SI lot
5 Atl. City Cooling Co. 1st pref.SI lot
% Atl. City Cooling Co. 2d prof.SI lot
50 Atl. Wave Motor & P. Co.
($10 each)........ ...................SI lot
5 Am. Witch Hazel Co., pref..SI lot
7 Am. Witch Hazel Co., com ..SI lot
Bonds.
Per cent.
$1,000 Buff. & Lake E. Trac.Co.
1st <fc ref. 5s, 1936...................... - 68
$1,000 United Trae. Co. of Reading
coll, trust 5s, 1926...............
96
53.000 Northeast Penn. R R . Co. 1st
5s. 1920____ ____________ _____ 102^
$1,000 Phila. Country Club 1st 5s,
1940.............
92
52.000 Seacoast Ity. Co. prior lien
...1 0 9
5s, 1948...................
$1,000 Carbondale Ity. gen. 5s. 1933 96
$1,000 Springf. Wat. Co 5s, 1926.. 96
$500 No. Springf.Wat.Co.5s,1928.. 96
$2,000 Camden & Suburban Ry. 1st
5s, 1946............ .............................104M
B y M essrs. S am u el T . F reem a n
Shares.
$ per sh.
2 Provident Life & Trust C o ...880
30 Real Estate Trust Co., pref.. 90K
2 Mutual Trust Co.................... 44
&
C o ., P h ila d e lp h ia :
Bonds.
Per cent.
$5,000 Philadelphia City 4s, 1941.-101%
$5,000 Philadelphia City 4s, 1942. - 101 %
$500 No. Springf. Wat. Co. 5s, 1928 96
S200 Springf. Water Co. 5s, 1926... 96
S t a t e m e n t o f N e w Y o r k C it y C le a r in g -H o u s e B a n k 3 a n d
T r u s t C o m p a n i e s .— T h e d e t a i l e d s t a t e m e n t b e l o w s h o w s t h e
c o n d itio n o f th e N e w Y o r k C ity C le a r in g -H o u s e m e m b e r s
fo r th e w eek e n d in g O c t . 1 1 .
T h e f ig u r e s f o r t h e s e p a r a t e
b a n k s a re th e a v e r a g e s o f th e d a ily r e s u lts .
In th e c a se o f
t h e t o t a l s , a c t u a l f ig u r e s a t t h e e n d o f t h e w e e k a r e a l s o g i v e n .
F o r d e f i n i t i o n s a n d r u le s u n d e r w h ic h t h e v a r i o u s i t e m s a r e
m a d e u p , s e e “ C h r o n i c l e ,”
1021
C H R O N IC L
Trust Cos.
00.) omitted.
Net
On Dep.
Loans. Specie. Legate. wlthC.H. Deposits
Average. Average. Average. Banks. Average.
Surplus.
B r o o k l y n _____
B a n k e r s ______
U .S .M t g .& T r
A s t o r ...................
T itle G u . & T r .
G u a r a n t y ...........
F i d e l i t y _______
L a w y e r s T .I .& T
C o l u m - K n lc k .
S t a n d a r d _____
P e o p l e s _______
N e w Y o r k ____
F r a n k l i n ...........
L in c o ln ..............
M e t r o p o l it a n - .
B r o a d w a y ___
$
2.440.3
16.412.4
4.569.4
1.368.6
11,335,3
22,723,0
1,303,2
6,394,9
7.192.6
1.282.7
1.690.5
11.713.5
1.281.4
557.2
6.103.4
565.3
%
16.891.0
139.461.0
42.898.0
20.803.0
33.280.0
155.878.0
8.219.0
17.086.0
46.486.0
14.476.0
17.107.0
43.958.0
9.099.0
10.207.0
22.654.0
8.313.0
96,933,7 606,816,0 60,110,0 6,941,0 50,562,0 454,626,0 14.7 + 10.0
Actual figures Oct. 11. 605,422,0 61,156,0 6,896,0 50,413,0 450,927,0 15.0+10.0
The capital of the tmst companies Is as follows: Brooklyn, $1,000,000: Bankers,
$10,000,000; United States Mortgage * Trust. $2,000,000: Astor, Sl,2o0,000: Title
Guarantee & Trust, $5,000,000: Guaranty, $5,000,000: Fidelity, $1,000,000:
Lawyers’ Title Insurance <fc Trust, $4,000,000: Columbla-Knlckerbocker, $2,000,000:
Standard, $1,000,000: People’s, $1,000,000; New York, $3,000,000; Franklin.
$1,000,000: Lincoln, $1,000,000; Metropolitan. $2,000,000; Broadway, $1,000,000,
total. $41,250,000
SUMMARY COVERING BOTH BANKS AND TRUST COMPANIES.
Week
ending
Oct. 11.
T o ta l...
The
S ta te
re tu r n s o f
charge.
in
th e
B a n k in g
th e
S ta te
Bank of N. Y.
Manhattan Co.
Merchants’ __
Mech.A Metals
A m erica.. ..
City ..............
C hem ical.__
Mercli. Excll...
Butch.& I)rov.
Metropolitan .
Corn Exchange
Imp.& Traders
Park — ........
East River__
S econ d ..........
F irst.......... .
Irving ............
Bowery ____
N. Y. County.
German-Amer.
C hase-.-........
Fifth Avenue.
German Exeh.
Germania----Lincoln -------Fifth ..............
West Side___
N.Y. Prod Ex.
Security____
Nassau, Bklyn
$
2,000,0
2,050,0
2,000,0
6,000,0
1,500,0
25,000,0
3,000,0
600,0
300,0
500,0
5,000,0
25,000,0
500.0
2,250,0
200,0
3,000,0
2,550.0
1,000,0
1,000,0
2,000.0
3,000,0
1,500,0
5,000,0
250,0
5,000.0
1,000,0
10,000,0
4,000,0
250,0
500,0
750,0
5.000,0
100,0
200,0
200,0
1,000,0
1,000,0
250,0
1,000,0
200,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
$
S
3,842,0
21,365,0
4,835,2
32,750,0
1,990,9
18,362,0
8,640,5
56,156,0
6,260,2
23,293,0
29,540,7 178,246,0
7,134,2 28,789,0
6,691,0
615,9
2,205,0
127,1
8,318,0
949,4
4,766,2 39,282,0
16,157,5 134,121,0
958,6
4,455,0
1,243,0
17,748,0
472.8
2,363,0
13,471,3 70,892,0
22,013,0
2,139,1
10,449,0
485,0
1,871.3
9,603,0
1,725,7
13,782,0
5,753,6 50,928,0
7,661,1
25,262,0
13,313,0 82,181,0
08,1
1,602,0
5,821,2 30,951,0
2,469,0
14,000,0
21,582 ,3 111,046,0
3,131,7 36,509.0
799,2
3,470,0
1,836,9
8,575,0
711,6
4,022,0
9,359,0 85,885,0
2,119,4
13,554,0
830,9
3,567,0
1,004,3
5,739,0
1,773,9
15,467,0
1,270,8
8,735,0
524,5
3,437,0
2,182,1
12,039,0
1,023,0
4,278,0
2,226,2 25,406,0
2,725,2
22,223,0
895,2
9.136,0
607,9
16,951,0
416,1
10,608,0
507,3
6,391,0
8,698,0
967,3
7,631,0
1,119,9
S
4,573,0
8,019,0
3,245,0
12,05.8,0
3,519,0
34,753,0
4,555.0
1,757,0
343,0
2,188,0
0,682,0
18,781,0
390,0
2,760,0
385,0
13,468,0
5,009,0
1,845,0
1,419,0
3,547,0
9,302,0
3,946,0
20,057,0
207,0
6,541,0
3,229,0
2 1,502,0
6,587,0
824,0
1,107,0
712,0
21,511,0
2,781,0
570,0
1,349.0
3,083,0
1,997,0
439,0
991,0
901,0
4,980,0
4,881,0
2,340,0
5,119,0
2,590,0
1,227.0
1,750,0
1,379,0
s
%
S
19,654,0 27.5
842,0
1,476,0 36,950,0 25.6
17,838,0 25.0
1,206,0
1,895.0 54,392,0 25.6
2,065,0 22,193,0 25.1
5,280,0 165,561,0 24.1
2,268,0 25,833,0 26.6
151,0
6,953,0 27.4
60,0
1,887,0 21.4
160,0
9,350,0 25.0
2,483,0 36,406,0 25.1
8,922,0 110,360,0 25.1
595,0
4,021,0 24.4
1,702,0
17,883,0 25.0
2,150,0 25.0
151,0
5,595,0 77.042,0 24.7
629,0 21,476,0 26.2
11,755,0 24.2
1,007,0
9,511,0 25.0
907,0
14,670.0 25.2
238,0
5,984,0 60,045,0 25.4
1,859,0 22,447,0 25.8
1,637,0 85,203,0 26.1
1,562,0 25.2
128,0
1,000,0 31,655,0 26.0
13,463,0 25.2
168,0
3,331.0
99,973,0 24.8
3,161,0 37,281,0 26.1
3,646,0 25.1
93,0
8,619,0 24.4
704,0
3,693,0 25.8
243,0
4,806,0 96,924,0 27.1
1,257,0
15,324,0 26.3
307,0
3,518,0 25.0
255,0
6,619,0 24.2
827,0
15,800,0 24.7
8.898,0 26.2
348,0
472,0
3,582,0 25.4
2,012,0
11,771,0 25.5
4,831,0 24.7
294,0
2,864,0
29,995,0 26.1
1,110,0
23,982,0 25.1
10,803,0 25.1
381,0
365,0
21,845,0 25.1
1,119,0
14,322,0 25.8
448,0
6,432,0 26.0
8,482,0 24.8
360,0
203,0
6,392,0 25.6
Totals, A vge.. 133,650,0 199,887,6 1329,780,0 262,170,0 74,388,0 1322,998,0 25.4
Actual figures |Oct. I I . .
............
1322,889,0 264,144,0 75,862,0 1319,414,0 25.7
1
Circulation.—On the basis of averages, circulation of national banks In the Clearing
House amounted to $46,171,000, and according to actual flgures was $40,286,000.
D ep a rtm en t
banks
and
a lso
tru st
w h o le
S ta te, b u t
th e
f ig u r e s a r e
d is tin g u is h b e tw e e n th e r e s u lts fo r N e w
N ew
fu rn ish e s
c o m p a n ie s
w e e k ly
under
irs
T h e s e r e t u r n s c o v e r a l l t h e i n s t i t u t i o n s o f t h i s c la s s
Y ork )
and
c o m p ile d
Y o r k C ity
so
as
to
(G re a te r
th o se fo r th e rest o f th e S t a t e , a s p e r th e
fo llo w in g :
F o r d e fin itio n s a n d
r u le s u n d e r w h i c h
th e v a r io u s
ite m s
a r c m a d e u p , s e e “ C h r o n i c l e ,” V . 8 6 , p : 3 1 6 .
STATE BANKS AND TRUST COMPANIES.
Trust Cos.
State Banks
Trust Cos.
State Banks
outside of
outside of
in
in
Greater N . Y . Greater N . Y Greater N . Y . Greater N. Y
Week ended O.liber 11.
Surplus as of Sept. 9 -----
Specie. L viols. Net Depos- ReAverage. Avar ge. its, Avar. serve.
Net
Deposits
1,928,3U.0|325,300,0 82,758,0 50,413,01,770,341.0
..........
..........
DETAILED RETURNS OF BANKS.
We. omit two ciphers (00) 1n a!l cases.
Loans.
Average.
On Dep.
Legal with CM
Tenders Banks.
$
$
s
S
$
S
Averages
$
1,322,998,0
Ban'-s . . . 133,650,0 199,887,6 1,329,780,0 262,170,0 74,388,0
60,562,0
454,626,0
60,110,0
6,941,0
606,816,0
96,933,7
Trust cos. 41,250,0
T o ta l... 174,900,0 296,821,3 1.936.596.0322.280.0 81.329.0 50.562.0 1.777.624.0
Actual.
1.319.414.0
1.322.889.0264.144.0 75.862.0
B an k s__
605,422,0! 61,156,0 6,S96,0 50.413.0 450,927,0
Trust cos.
Capital as of Sept. 9-----
Surplus.
Specie.
Loans.
Capital. Surplus.
V . 8 5 , p . 8 3 6 , in t h e c a s e o f t h e
Capital.
S
s
$
%
S
455.0 1,082,0 12.515.0 14.5+ 7.7
1.367.0
26,0 12.566.0 111.195.0 15.1 + 10.1
16.775.0
338.0 3.685.0 29.734.0 15.0 + 10.9
4.128.0
22,0 1.868.0 15.229.0 14.6 + 10.6
2.203.0
1.654.0 1.585.0 2.284.0 21.417.0 15.1+ 9.5
13.273.0 1.267.0 10.189.0 106.146.0 13.6+ 8.7
795.0 6.734.0 15.2+10.1
796.0
234.0
556.0 1.217.0 11.875.0 14.8+ 9.2
1.206.0
925.0 4.290.0 39.767.0 15.0+ 9.7
5.078.0
17,0 2.223.0 13.110.0 15.5 + 14.4
2.018.0
431.0 2.046.0 15.581.0 15.0 + 11.4
1.910.0
228.0 3.436.0 31.152.0 15.7 + 10.0
4.482.0
319.0
865.0 8.148.0 15.1+ 9.5
915.0
220.0 1.004.0 9.272.0 15.0+ 9.7
1.167.0
9,0 2.095.0 14.602.0 15.0 + 12.5
2.173.0
917.0
8.149.0 15.6+ 9.7
309,0
965.0
T o ta ls , A v g e ..
b a n k s , a n d V . 9 2 , p . 1 6 0 7 , in t h e c a s e o f t h e t r u s t c o m p a n i e s .
Banks
00? omitted.
Reserve
Loans and investments..
Change from last week.
$
22,325,000
%
62,775,000
%
*9.323,000
S
*9,750,000
38,321,500
172,033,200
*12,233,100
*12,377,200
296,447,300 1,128,151,500
+357,000 —6,386,800
114,909,300
+ 1,031,100
173,236,100
+ 749,500
- ................
.........
338,250,200 1,180,520,200
+291,200 — 24,245,100
120,507,200
+422,700
178,454,000
— 434,500
134,616,900
+3,000,300
22,544,900
— 1,156,000
21,999,000
— 702,100
Gpccic
Change from last week.
53 ,.527,600
116,767,500
—2,663,600
Legal-tender & bk. notes.
Change from last week.
21,649,700
— 126,200
10,581,300
— 162,200
Change from last week.
89,017,700
+302,700
Reserve on deposits........
Change from last week.
27.1%
27.1%
P. C. reserve to deposits..
Percentage last week..
+ Increase over last week.
15.9%
16.0% a
10.8%
20.9%
— Decrease from last week.
13.3%
13.7%
* As of June 14.
Note.— “ Surplus” Includes ail undivided profits. “ Reserve on deposits” includes
for both trust companies and State banks, not only cash items but amounts due
from reserve agents. Trust companies in New York State are required by law to
keep a reserve proportionate to their deposits, the ratio varying according to lo
cation as shown below. The percentage of reserve required Is computed on the
aggregate of deposits, exclusive of moneys held In trust and not payable within
thirty days, and also exclusive of time deposits not payable within thirty days,
represented by certificates, and also exclusive of deposits secured by bonds or
obligations of the State or City of New York, and exclusive of an amount equal to
the market value (not exceeding par) of bonds or obligations of the State or City
of New York owned by the bank or held In trust for it by any public department.
The State banks are likewise required to keep a reserve varying according, to loca
tion, the reserve being computed on the whole amount of deposits exclusive of time
deposits not payable within thirty days, represented by certificates (according
to the amendment of 1910), and exclusive of deposits secured (according to amend
ment of 1911) by bonds or obligations of the City or State of New York, and ex
clusive of an amount equal to the market value (not exceeding par) of bonds or
obligations of the State or City of New York owned by the company or held In trust
for it by any public department.
------ Trust Cos.-------- State B a n k sTotal
Of
Total
Of
Reserve Required for Trust Companies
Reserve which Reserve
which
arul State Banks
Required, in Cash. Required, in Cash
Location—■
15%
15%
25%
Manhattan Borough--------------- ----------- -------------15%
10%
20%
10%
Brooklyn Borough (without branches in Manhat.) 15%
15%
10%
Other Boroughs (without branches In Manhattan) 15%
7H %
15%
20%
20%
Brooklyn Borough, with branches In Manhattan..15%
15%
15%
15%
Other Boroughs, with branches in Manhattan-----15%
___
___
5%
Cities of the first and second class-------------------- 10%
___
....
Cities of the third class and villages..............— 10%
3%
6%
15%
___
Elsewhere In State-------------------------------------------------T h e B a n k in g D e p a r t m e n t a ls o u n d e r ta k e s to p r e s e n t s e p a
ra te
tru st
f ig u r e s
in d ic a tin g
c o m p a n ie s
House.
in
th e
G rea ter
to ta ls
N ew
fo r
th e
Y ork
S ta te
banks
and
not in the Clearing
T h e s e f ig u r e s a r e s h o w n in t h e t a b l e b e l o w , a s a r e
a ls o th e r e s u lts (b o t h a c tu a l a n d a v e r a g e ) fo r th e C le a r in g -
1023
H o u se
THE
banks
c o m b in e d
a n ti
each
tru st c o m p a n ie s.
c o rr e sp o n d in g it e m
In
in
a d d itio n ,
th e
tw o
C H R O N IC L E
we have
sta te m e n ts,
t h u s a f f o r d i n g a n a g g r e g a t e f o r t h e w h o le o f t h e b a n k s a n d
[VOL. L X X X X V
B o s t o n a n d P h i l a d e l p h i a B a n k s . — B e l o w is a s u m m a r y o f
th e w e e k ly to ta ls o f th e C le a r in g -H o u s e b a n k s o f B o s t o n
a n d P h ila d e lp h ia :
We omit two ciphers (00) in all these figures
t r u s t c o m p a n i e s in t h e G r e a t e r N e w Y o r k .
Capital
and
Surplus
NEW YORK CITY HANKS AND TRUST COMPANIES.
Clear.-House Clear .-House State Banks it- Total of a'l
Members.
Members. Trust Cos. Not Banks&Trust
Week ended Ocl. 11— Actual Figures
in C.-H. Aver. Cos. Average.
Average.
S
(Nat. banks)
Capital { Sept. 4 and)
IState banks!
Surplus lSept.9........ J
S
S
S
174,900,000
174,900,000
296,821,300
296,821,300
29,025,000
203,925,000
80,906,900
377,72S,200
Loans and Investments 1,938,311,000 1,936,698,000
Change from last week —6,784,000 — 10,380,000
599,076.100 2,535,072,100
—340.SOO — 10.720,800
D eposits...................... 1,770,341,000 1,777,624,000
Change from last week — 13,009,000 — 14,400,000
aC01,232,400 2,378,856,400
—2,686,000 — 17,086,000
Change from last week
325,300,000
+ 1,719,000
322,280,000
— 1,633,000
04,645,500
+86,500
386,925,500
— 1,540,500
Change from lust week
82,758,000
1-2,021,000
81,329,000
— 1,123,000
68,277,900
+ 42,300
89,600,900
— 1,030,700
Banks; cash In vault..
Ratio to deposits___
340.006.000
25.76%
336,558,000
25.43%
12,634,300
14.49%
349.192 300
Trust cos.: cash in vault
68,052,000
07,051,000
CO,289,100
127,310,100
Aggr’ to money hidings
Change from last week
408,058,000
+ 3,731,000
4G3,COO,000
— 2,750,000
72,923,400
+ 128,800
476,532,400
—2,027,200
Money on deposit with
other bks. & trust cos.
Change from last week
50,413,000
— 1,061,000
50,562,000
—3,704,000
15,140,600
— 602,400
65,702,000
— 4,306,400
Change from last week
458,471,000
+ 2,070,000
454,171,000
—6,460,000
88,004,000
— 473,600
512,235,000
—0,933,600
Surplus CASH reserve
Boston.
Aug. 21..........
Aug. 31..........
S ept. 7 - ...........
S ept. 1-1..........
S ep t. 2 1 ..........
Sept . 2 8 ..........
O ct. 5 .............
O ct. 11_____
11.575,
41,575
11.575,
41.575,
11.576,
41.575,
41.575,
41.575,
S
240 ,070,0
241 ,101,0
241 ,070,0
230 ,631,0
239 ,412,0
237 ,684,0
237 ,024,0
235 ,741,0
Aug.
Aug
S ep t.
S ep t.
-ept.
S ept.
O ct.
O ct.
•'0,623,2
30.623.2
•‘0,623,2
80.623.2
30.623.2
80.623.2
80.623.2
50.623.2
391, 213.0
392 ,33S,0
393 222.0
393 833.0
391 262.0
390 007.0
389 682.0
388 815,0
Philadelphia.
2-1........ .
31..........
7 .............
14..........
21........ ..
2 8 .........
5 .............
11..........
Specie.
Legals
Deposits
Circu
lation.
Clearings
24.030.0
24.010.0
23.623.0
24.393.0
24.613.0
24.123.0
23.131.0
23.470.0
$
5.251.0
5.410.0
5.074.0
5.212.0
5.135.0
5.095.0
4.775.0
5.028.0
270.787.0
207.320.0
271.202.0
273.178.0
270.832.0
267.360.0
275.144.0
275.689.0
$
7,853
7,775
7,713
7,607
7,661
7,591
7,355
7,090
S
138.659.1
122.823.9
142.439.2
153.961.9
158.200.0
161.914.1
200.853.7
144.244.8
97.074.0
97.285.0
97.245.0
92.910.0
92.290.0
93.115.0
93.960.0
92.265.0
428.037.0 15.120.1 127.995.6
430.884.0 15.110.1 128.051.0
435.122.0 15.123, 133,852,8
430.970.0 15,147, 143,211,3
130.633.0 15.136.1 151.660.7
429.233.0 15.135.1 158.782.0
434,124 ,o: 15.110.1 186.156.0
433,541,0; 15,096,0! 142,057,0
a Includes Government deposits and the Item "duo to other banks." At Hoston
Government deposits amounted to 3894,000 on October 11, against S873.000 on
October 5.
t “ Deposits” now Includes the Item ol “ Exchanges for Clearing House,” which
was not previously embraced in the total. "Exchanges for Clearing House” were
reported on October 12 as 318,869,000.
I m p o r t s a n d E x p o r t s fo r t h e W e e k .— T h e fo llo w in g a r e
th e im p o r ts a t N e w Y o r k fo r th e w e e k e n d in g O c t . 1 2 ; a ls o
t o t a l s s i n c e t h e b e g i n n i n g o f t h e f i r s t w e e k in J a n u a r y :
FOREIGN IMPORTS AT NEW YORK.
For Week.
1912.
|
S ’ ,98 ,! 2
15,002,0 4
1911.
1910.
83,089,200
15,918,800
1009.
$2,845,856
13,892,041
52,835.169
14,914,177
Trust cos.(abovel5%)
10,152,500
412,950
5,808,500
def 1,142,900
T o ta l........................
Change Irom last week
10,585,450
+ 0,424,150
4,665,600
— 110,200
% of cash reserves of tr U3tCOS--Cash In vault........ ......
15.09%
Cash on dep. with bks
10.05%
14.74%
10.00%
15.14%
1.08%
S/ v •,583,77 L 808; ,872,982!$720,815,134 $081,199,849
1
24.74%
1G.22%
T h e f o l l o w i n g is a s t a t e m e n t o f t h e e x p o r t s ( e x c l u s i v e o f
s p e c ie ) f r o m t h e p o r t o f N e w Y o r k t o f o r e i g n p o r t s f o r t h e
w e e k e n d in g O c t . 1 2 a n d fr o m J a n . 1 to d a te :
T o t a l..........................
25.14%
T o ta l.............. ..................
Since January 1.
..................
+ Increase over last week, — Decrease from last week.
a These are the deposits after eliminating the item "Due from reserve depositaries”
and other banks and trust companies in New York City” ; with this item Included,
deposits amounted to S651.650.500, a decrease of S5,683,700 from last week. In
the case of the ClearingHousc- members, the deposits are "legal net deposits” botli
for the average and the actual figures, b Includes bank notes.
T h e a v e r a g e s o f th e N e w Y o r k C it y C le a r in g -H o u s e b a n k s
an d tru st c o m p a n ie s,
and
tru st
c o m p a n ie s
combined w i t h
in
G rea ter
th o se fo r th e S ta t e b a n k s
N ew
Y ork
o u ts id e
of
th e
EXPORTS FROM NEW YORK.
1912.
For the week_____ ________
Previously reported________
1910.
1911.
1909.
515.582,718 514,092,110 $13,722,554 511,902.786
637,473,444 596,207,800 510,987,554 400,604,034
Total 41 weeks.................. 5653,050,162 $610,359,916 $524,710,108 $478,500,820
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK
T h e fo llo w in g t a b le s h o w s th e e x p o r t s a n d im p o r ts o f
s p e c ie a t t h e p o r t o f N e w Y o r k f o r t h e w e e k e n d i n g O c t . 1 2
a n d s in c e J a n . 1 1 9 1 2 , a n d f o r t h e c o r r e s p o n d i n g p e r i o d s in
1911 and 1910:
We omit two ciphers in all these figures.
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
C l e a r in g H o u s e , c o m p a r e a s f o l l o w s f o r a s e r ie s o f w e e k s p a s t :
Week
Ended
All£.
Aug.
Aug.
Aug.
Sept.
Sept,.
Sept.
Sept.
Oct.
Oct.
51/,984,546, 519,008,000 $10,737,897 517,749,346
8117,844,365 $110,940,250 5124,672,251 $133,158,604
6.0,714,10! 572,932,726 602,142,883 548,010,345
10..
17..
2 4 ..
31 ..
7—
14..
21 . _
2 8 ..
5 ..
11..
Loans and
Investments.
Deposits.
Specie.
S
2,649.899.1
2,651.628,2
2,6)0 979,4
2,651,253.5
2,044,604,1
2,618,939,0
2,536.878.2
2,572,002,4
2,516,392,9
2,535,672,1
S
2,523,862,0
2,532,105,2
2,533,156,4
2,523,586,7
2,503,801,2
2,467,559,4
2,434.513.2
2,420,349,5
2,395,942,4
2,378,856,4
$
428,130,2
430,507,2
427,920,0
417,008,1
407,961,1
400,137,8
306,837.7
393,528,7
388,472,0
386,925,5
Tot. Money Entire Res.
Holdings. on Deposit
Legals.
S
94,811.9
94,054,6
92,738,6
92,651,8
91,860,8
91,421,3
91,606.9
91,815,1
90,087,6
89,600,9
5
522,948,1
524,561,8
520,658,6
509,659,9
499,821,9
491,559,1
483.53t.6
485,313,8
479,159,6
470,532,4
$
611,448 1
615,325,4
603,858,1
690,236,8
570,345,3
566,760,7
559,906,3
554,697,3
549,168,6
542,235,0
Week.
France .............................................
Germany _______________________
West Indies........................................
Silver.
$789,254 $38,271,745
. 335,100 5,825,832
fo r th e w e e k e n d in g O c t . 1 1 , b a s e d o n a v e r a g e d a ily r e s u lts :
We omit two ciphers (00) in all these figures.
Banks
Capi
tal.
Sur-
W New York City.
9.
%
Manhattan an l Bronx
$
?
Aetna National..........
500,0
544,0 3.326.C 713,0
Washington Heights.
100,0
336,(1 1,621,0 153,0
Battery Park Nat___
200,0
115,1 1,611,0 339,0
Century ....................
500,0
515.5 0,167,0 691,0
Colonial .................... 400,0
549,4 0,162,0 849,0
Columbia....................
300,0
787,4 6,293,0 576.0
Fidelity........ .............
55,0
200,0
10S.9 1,113,0
Mount Morris............
250,0
337,4 2,538,0 443,0
Mutual.................... .
200,0
411,0 4,622,0 477,0
New Netherland........
200,0
281,4 2,887,0 304,0
Twenty-third Ward.'. 200,0
96,0 2,006,0 266,0
Yorkville ..................
100,0
645,8 4,504,0 580,0
Brooklyn.
300,0
First National............
672,3 3,933,0 292,0
Manufacturers’ N at.. 252,0
940,2 6,080,0 057,0
Mechanics’ _________ 1,000,0
765,7 11,030,0 1.417.0
National City______
300,0
578,5 4,377,0 522,0
North Side.................. 200,0
474,5 2,331,0 184,0
Jersey City.
First National............
400.0 1,335,0 5,361,0 299,0
Hudson County Nat — 250,0
798,1 3,778,0 223,0
Third National_____
200,0
417,9 2,414,0 100,0
First National............
Second National........
220,0
125,0
649,0 4,161,0
275,7 3,158,0
204,0
181,0
435
83,756
$400
200
25,349
707,990
30,197
3S.112
Total 1912...................................... $1,124,989 $44,914,672
Total 1911......................................
828,152 38,638,789
Total 1910 .
. .............. .......
511,215 .(4.244.276
%
3,091,0
1,368,0
1,098,0
6,814,0
6,455,0
6,932,0
1,071,0
2,845,0
4,755,0
2,730,0
2.299,0
4,988,0
128,0
525,0
270,0
651,0
058,0 1,471,0
122,0
540,0
110,0
239,0
3,102,0
5,697.0
13.245,0
4,330,0
2,333,0
351,0 1,307,0
117,0
430,0
417,0
152,0
4,075.0
1,881,0
1,581,0
Members New York Stock Exchange.
315,0
267,0
1.759,0
1,217,0
White, Weld & Co.
76,0
49,0
S3.329
0 ,894
20,853
40,570
3,344,929
2,490,647
1,360,051
$68,709 S7,207,279
130,310 5,711,727
107.794 3,741,130
O f t h e a b o v e i m p o r t s f o r t h e w e e k in 1 9 1 2 , $ 3 , 9 9 1
A m e r i c a n g o ld c o in a n d $ — A m e r i c a n s i l v e r c o i n .
5
$
73,0
4 4,0
79,0
202,0
51,0
10.5,0
412,0
475,0
413,0 1,009,0
505,0
643,0
129,0
129,0
47,0
311,0
329,0
469,0
101,0
260.0
130,0
248,0
200,0
571,0
Totals Oct. 1 1 . . . ___ 6,597,0 11,236,0 89,533,0 9,525,0 4,502,0 10,688,0 84,800,0
Totals Oct. 5............ 6,597,0 11,236,0 89,077,0 9,2.30.0 t.281.0 16.919.0 84,275.0
Totals Sept.28............ 6,597,0 11,230,0 88,557,0 9,327,0j4,417,0|l 1,406,0 84,183,0
10,018,903
53,483
Since Jan. 1
$3,562,378 $3,953,650
2,026,918
2,509
"29,199
310,097
483,223 11,375,317
60,13,8 2,960,999
13,815
1,459,603
$40,100 $32,983,485 $4,148,753 $22,089,153
39,770 6,958,678
130,534 11,918,437
1,085 44,850,038
124,418 20,679,001
Total 1912......................................
Total 1911
..............................
Total 1 9 1 0 ....................................
R e p o r t s o f C l e a r i n g N o n - M e m b e r B a n k 3 .— T h e f o l l o w i n g is
Legal
On
Tender Deposit
Specie. and
with
Net
Bank C.-H. Deposits.
Notes. Banks.
Week.
Since Jan. 1
.............. $20,146,222
15
2,764,802
35,000
t h e s t a t e m e n t o f c o n d i t i o n o f t h e c le a r i n g n o n - m e m b e r b a n k s
Loans,
Disc’ts
and
Invest
ments .
Imports.
Exports.
Gold.
w ere
UatxMtxfl mitl fftiuuiciat
Railroad and Industrial Stocks
W r ite fo r o u r C ircular N o . 614 en title d “ R a ilro a d and In d u stria l
S t o c k s ,” w hich d escrib es 124 Issues listed on the N ow Y o r k S to c k
E x ch a n g e , and classified by us as fo llo w s : I n v e s tm e n t S to c k s , S em i
In v e s tm e n t S to c k s , S p e cu la tiv e S to c k s .
Spencer Trask & Co.
43
EXCHANGE
C h ic a g o ,
I II.
B onds and
14 WALL STREET
NEW
YORK
PEACE— NEW
B o s to n , M a ss.
In v estm en t
THE ROOKERY
C H IC A G O
YORK.
A lb a n y . N . Y .
S e c u r itie s .
111 DEVONSHIRE STREET
BOSTON
Oct. 19 1912.]
Wall Street, Friday Night, Oct.
18 1 9 1 2 .
. T h e M o n e y M a r k e t a n d F i n a n c i a l S i t u a t i o n .— A la r g e p a r t
o f t h e d e c li n e in s e c u r i t ie s w h ic h t o o k p l a c e l a s t w e e k h a s b e e n
recov ered
t h i s w e e k , s o t h a t c lo s i n g p r i c e s
to -d a y c o m p a re
f a v o r a b l y , in m o s t c a s e s , w i t h t h o s e o f t w o w e e k s a g o , w h e n
m a n y is s u e s w e r e a t Or n e a r t h e h i g h e s t o f t h e s e a s o n .
The
d o m i n a n t in fl u e n c e in t h e m a r k e t c o n t i n u e s t o b e t h e f o r e i g n
p o litic a l s it u a t io n .
A tre a ty o f p ea ce b e tw e e n I ta ly a n d
T u r k e y a n d a g e n e r a l b e l i e f t h a t t h e B a l k a n i m b r o g l i o w ill
b e l i m i t e d in it s s c o p e a n d d u r a t i o n , o r t h a t a t l e a s t n o o t h e r
P o w e r s w ill b e c o m e i n v o l v e d , h a s le d t o a m o r e c h e e r f u l
f e e li n g in fin a n c ia l c ir c le s a b r o a d a n d a c e s s a t i o n o f t h e
l i q u i d a t i o n f o r f o r e i g n a c c o u n t w h ic h w a s s o p r o m i n e n t a
fe a tu r e in la s t w e e k ’ s S t o c k E x c h a n g e r e c o r d .
A n a d v a n c e in d i s c o u n t r a t e s b y t h e B a n k o f E n g l a n d a n d
b y th e F r e n c h B a n k w a s f u lly e x p e c t e d a n d a n a d v a n c e b y
th e B a n k o f B e lg iu m a n d th e B a n k o f S w e d e n c a u se d n o
s u r p r is e .
T h e a c t i o n in e a c h c a s e w a s m a d e n e c e s s a r y , a s is
w e ll k n o w n , b y a n in c r e a s in g d e m a n d f o r m o n e y g r o w i n g o u t
o f g o v e r n m e n t a l n e e d s in S o u t h e a s t e r n E u r o p e a n d e x p a n d i n g
b u s i n e s s a c t i v i t y w h ic h is s o g e n e r a l h e r e a n d is f e l t t o a g r e a t
e r o r le s s e r d e g r e e o n t h e o t h e r s id e .
T h e G o v e r n m e n t r e p o r t o n m e r c h a n d is e e x p o r t s fo r S e p
t e m b e r is h i g h l y s a t i s f a c t o r y , s h o w i n g t h e m t o b e t h e la r g e s t
f o r a n y c o r r e s p o n d i n g m o n t h in t h e h i s t o r y o f t h e c o u n t r y ,
n o t w i t h s t a n d i n g t h a t s h i p m e n t s o f c o t t o n fe ll b e l o w t h e
a b n o r m a l l y la r g e t o t a l o f l a s t y e a r .
T h is w e e k ’s re p o rts
fr o m th e P it ts b u r g h ste e l d is t r ic t a re o f th e s a m e g e n e r a l
t e n o r a s f o r s o m e t i m e p a s t , a n d c o n d i t i o n s in t h e c o p p e r
i n d u s t r y a r c il lu s t r a t e d b y a n in c r e a s e t h i s w e e k in A m a l g a
m a te d C o p p e r ’s d iv id e n d r a te fr o m 4 to 6 % .
T h e o p e n m a r k e t r a t e f o r c a ll l o a n s a t t h e S t o c k E x c h a n g e
d u r i n g t h e w e e k o n s t o c k a n d b o n d c o ll a t e r a l s h a v e r a n g e d
fro m
3 @ 5 % .
T o -d a y ’s
ra te s
o n c a ll w e r e 4 % @ 5 % .
C o m m e r c ia l p a p e r q u o te d n o m in a lly a t 6 %
fo r 6 0 to 9 0 d a y e n d o r s e m e n ts a n d 6 % fo r p r im e 4 to 6 m o n t h s ’ s in g le
n a m e s a n d 6 % % fo r g o o d s in g le n a m e s .
T h e B a n k o f E n g la n d w e e k ly s t a t e m e n t o n T h u r s d a y
s h o w e d a d e c r e a s e in b u l l i o n o f £ 3 4 7 , 6 8 9 a n d t h e p e r c e n t a g e
o f r e s e r v e t o li a b ili t ie s w a s 4 8 . 7 3 , a g a i n s t 4 8 . 8 4 l a s t w e e k .
T h e ra te o f d s c o u n t w a s a d v a n c e d o n O c t . 1 7 fr o m 4 % , a s
fix e d A u g . 2 9 , to 5 % .
T h e B a n k of F rance sh o w s a decrease
o f 4 , 3 0 8 , 0 0 0 f r a n c s g o ld a n d 2 , 6 1 9 , 0 0 0 f r a n c s s i l v e r .
NEW YORK CLEARING-IIOtJSE BANKS.
(Not Includung Trust Companies.)
1912.
Averages for
week ending
Oct. 11.
Differences
from
previous week.
1911.
Averages for
week ending
Ocl. 14.
1910.
Avearges for
week ending
Oct. 15.
S
S
5
$
135.150.000 132.350.000
Capital...................... .
133.650.000
196,020,300 193,297,900
Surplus..........................
109,887,600
Loans and discounts.. . 1.329.780.000 Dee. 4,592,000 t,360,875,000 1,254,065,000
48,117,800
50.099.000
173,000
Circulation....................
46.171.000 Dee.
Net deposits.................. 1.322.998.000 Dec. 4,80-3.000 1,382,547.000 1,227,342,800
968,000 283.116.000 247,865,100
202.170.000 Inc.
Specie ............ .............
06,387,900
72.892.000
74.388.000 Dec.
939,000
Legal tenders............ .
Reserve held_________
25% of deposits..........
Surplus reserve........
336.558.000 Inc.
29,000
330,749,500 Dec. 1,202,000
5,808,500 Inc.
1,231,000
356.008.000
345,030,750
314.253.000
300,835,700
10,371,250
7,417,300
Note.—The Clearing House now Issues a statement weekly, showing the actual
condition of the banks on Saturday morning, as well as the above averages. The
figures, together with the returns of the separate banks and trust companies, also
the summary Issued by the State Banking Department, giving the condition of state
banks and trust companies not reporting to the Clearing House, appear on the second
page preceding.
F o r e i g n E x c h a n g e . — S t e r l in g e x c h a n g e a d v a n c e d s h a r p l y
o n M o n d a y , f o l l o w i n g t h e S a t u r d a y h o l i d a y , in a n t i c i p a t i o n
o f t h e h i g n e r b a n k r a t e s a b r o a d , b u t e a s e d o f f la t e r in t h e
w e e k a s a r e s u l t o f a c t i v e o f f e r in g s o f g r a i n , c o t t o n a n d o t h e r
c o m m e r c i a l b i ll s .
T o-d a y’s ((Friday’s) nominal rates for sterling exchange wero 4 8.1 fo r
sixty-day and 4 80 <A tor sight. T o-d a y’s actual rates for sterling exchange
were 4 8170(0)4 8180 for sixty days, 4 8570(«)4 8580 for cheques and 4 8020
<W4 8030 for cables. Commercial on banks 4 79 54(5)4 81 54 and docum ents
for paym ent 4 8 1 %di)4 8254. Cotton for paym ent 4 8154@ 4 8154 and
grain for paym ent 4 81 54(5)4 82.
The posted rates for sterling, ns quoted b y a representative house, were
not changed during the week from 4 83 for six ty days and 4 86 54 for sight.
T o-d a y’s (Friday’s) actual rates for Paris bankers’ rancs w ere.5 22 54 less
l-16(n)5 22 A for long ami 5 19 JiS less 3-32(5)5 19 54 less 1-16 Tor short.
Amster In n ha i c jr i’ j ui i
vscj h :) A l > 11 f>> s h irt.
E xchange at Paris on London, 25 fr. 24 54o.; w eek’s range, 25fr. 26 54c.
high and 25fr. 20o. low.
Exchange at Berlin on London, 20m. 50 54pf.I week’s range, 20m. 51 H p t.
high and 20m. in ’ fp f. io w .
The range for foreign exchange for the week follows:
Sterling, Actual—
Sixtu Days.
Cheques.
Cables.
High for the w e e k .. . 4 82
4 8615
4 8055
Low for the week . .4 8170
4 8570
4 8020
Parts Bankers Francs—
High for the w e e k . . . 5 21 54
5 18 54 less 1-16 5 18 '4 less 1-16
L6w for the week — 5 23 %
5 20 less 1-32
5 19 % less 1-32
Germany Bankers' Marks—
High for the w e e k ... 94 *4
05
0 4 Vs
L ow for the w e e k ___ 91 3-10
94 13-10 plus 1-32
04 54
Amsterdam Bankers' Guilders—
High for the w e e k ...3 9 15-16 plus 1-32 40 25
40 31
L ow for the week — 39 15-16 less 1-32 40 19
40 25
Domestic Exchange.— Chicago, 1.5c. per $1,000 discount. Boston, par.
St. Louis, 25c. per $1,000 discount. New Orleans, com m ercial, 50c. per
$1,000 discount and bank $1 premium. Svn Francisco, 30o. per $1,000
premium. Savannah, buying, 3-16% discount an 1 selling par. St. Paul,
par.
ontreal, par.
C harlestri, buying, par: selllig, 1- O ’fcn rsm l ;m .
Cincinnati, 5c. per Si,OK) ore !um.
S t a t e a n d R a ilr o a d B o n d s .— S a le s o f S t a t e b o n d s a t th e
B o a r d in c l u d e $ 2 , 0 0 0 N e w Y o r k 4 s , 1 9 5 8 , a t 1 0 1 % ; $ 1 , 0 0 0
N . Y . C a n a l 4 s , 1 9 6 0 , a t 1 0 1 % ; $ 5 ,0 0 0 d it t o , 1 9 6 1 , a t 1 0 0 %
1033
T H E C H R O N IC L E
t o 1 0 0 % ; $ 5 , 0 0 0 d i t t o , 1 9 6 2 , a t 1 0 1 % , a n d , $ 7 1 , 0 0 0 V ir g in ia
6 s , d e fe r r e d tr u s t r e c e ip ts , a t 5 8 % to 6 0 .
T h e t r a n s a c t i o n s in r a i l w a y a n d in d u s t r i a l b o n d s h a v e
s t e a d ily d im in is h e d a n d th e m a r k e t h a s n o t d e v e lo p e d th e
s t r e n g t h n o t e d in t h e m a r k e t f o r s h a r e s .
T h e te n d e n c y h a s
in d e e d b e e n r a t h e r t o w a r d s w e a k n e s s .
O f a li s t o f 2 4 a c t i v e
is s u e s , o n l y 6 a r e h i g h e r , 7 a r e u n c h a n g e d a n d 11 a r e l o w e r .
C h a n g e s a r e , h o w e v e r , li m i t e d t o m i n o r f r a c t i o n s e x c e p t in
th e c a se o f G r e e n B a y & W e s t e r n d e b . c e r t . B s , w h ic h a r e a
f u ll p o i n t h i g h e r t h a n l a s t w e e k ;
U n i t e d S t a t e s B o n d s .— S a le s o f G o v e r n m e n t b o n d s a t
t h e B o a r d a r e li m i t e d t o $ 1 , 0 0 0 3 s , c o u p . , a t 1 0 2 % .
For to
day’s prices of all the different issues and for yearly range see
the third page following.
R a ilr o a d a n d M is c e lla n e o u s S t o c k s .— T h e s to c k m a r k e t
h a s , a s n o te d a b o v e , re sp o n d e d to th e m o r e p e a c e fu l s it u a
t i o n a b r o a d a n d l a r g e l y r e c o v e r e d t h e lo s s e s o f l a s t w e e k .
T h e im p r o v e m e n t b e g a n o n M o n d a y a n d h a s c o n tin u e d d a y
b y d a y w ith o u t in te r r u p t io n .
_
C a n a d i a n P a c i f i c le d in t h e u p w a r d m o v e m e n t , a s it d id
in t h e d e c l i n e , a n d r e c o v e r e d 9 p o i n t s o f i t s l o s s .
Its su b
s id ia r y , th e “ S o o L i n e ,” h a s g a in e d 3 p o in t s a n d o th e r a c t iv e
r a ilw a y s t o c k s a r e fr o m 1 to 2 p o in ts h ig h e r th a n la s t w e e k .
T h e c o p p e r sh a re s h a v e b e e n s tr o n g o n tr a d e c o n d itio n s
a n d a n a d v a n c e in A m a l g a m a t e d
C o p p e r ’s
d iv id e n d r a te
fr o m 4 to 6 p e r c e n t .
A m e r ic a n T o b a c c o h a s c o v e r e d a ra n g e
o f 1 1 % p o i n t s a n d c lo s e s w i t h a n e t g a i n o f 8 .
P . L o r i lla r d
h a s f l u c t u a t e d m o r e w i d e l y , s e lli n g a t 1 8 6 a n d a t 2 1 5 % w i t h
in t h e w e e k .
S te e l c o m m o n h a s m a d e a n e t g a in o f 2 p o i n t s .
For daily volume of business see page 1 0 3 1 .
I
T h e fo llo w in g s a le s h a v e o c c u r r e d th is w e e k o f s h a r e s n o t
r e p r e s e n t e d in o u r d e t a i l e d l i s t o n t h e p a g e s w h ic h f o l l o w :
STOCKS.
Week ending Oct. 18.
Sales
for
Week.
Range for Week.
Lowest.
Adams Expre&s........ .....
100*192 Oct
Allls-Chalmers, pref___
100 1 Oct
AUis-Chal tr rects 1st pd. 6,400
54 Oct
Trust receipts 2d paid. 1 2 >0: 2 <4 Oct
Pref tr rects 1st p aid.. 3,566 2 14 Oct
Prcf tr rets 2d p a id ... 1,200 754 Oct
10 9754 Oct
Amcr Brake Shoe & Fdy
200 155 Oct
Preferred........ ...........
100 11154 Oct
Amer OoalPr d, p re f...
470'185 Oct
American Express..........
600 4154 Oct
Associated Oil................
500 $1 'A Oct
Batopllas Mining............
Brunswick Terminal___ 2,200 854 Oc*
200 2 54 Oct
Chic Un Trac tr rec stpd.
50 167 'A Oct
Cleveland & Pitts..........
100 40 Oct
Colorado & Southern__
100 73 Oct
Detroit United-----------■453: 15 Oct
Green Bay & W, deb B .
G W Helme.................... 1. 00' 187 Oct
150 99 54 Oct
Homestake Mining........
100 45 Oct
Int Agricul Corp v t c . .
Preferred v t c ______ 1,100 9354 Oct
100 46 Oct
Long Island......... .........
200 9 54 Oct
I.oulsv & Nashv rights..
100 35 Oct
N Y Dock, pref..............
100 121 Oct
N Y Lackaw & W est...
200 47 Oct
Norfolk Southern_____
Ontario Silver Mining...
120 254 Oct
Peoria &•Eastern.......... 3,300 15 Oct
Pittsburgh Steel, p re f...
12 102 Oct
Quicksilver Mining........
500 6 Oct
St I, & S F—C & E Ills
new stock trust eertfs.l
1 50 Oct
So Porto Rico Sug pref. .1 100 109 Oct
Texas Pac Land Trust..i
2001 96 Oct
United Cigar Mfrs.......... 1 2,700 55 Oct
United Dry Goods.......... !
00i 9954 Oct
U S Express.................... I 730
Oct
U S Rubber 1st pref sub-j
; 74
100 109% Oct
scriptlon rects full pd.
Wells Fargo & C o---------j 350,129 Oct
100i 77 Oct
West Maryland, pref...|
Weyman-Bruton.............; 275 275 Oct
15 115 Oct
Preferred........ ........... j
Range since Jan. 1.
Highest.
Highest.
16 192 Oct
14 1 Oct
14
% Oct
17 2 <4 Oct
14 3 % Oct
IS 854 Oct
16 97 h Oct
16 155 Oct
16 11154 Oct
14 195 Oct
18 45% Oct
14 Sl% Oct
14 10% Oct
17 2% Oct
17 107% Oct
14 40 Oct
17 73 Oct
15 1654 Oct
15 10 Oct
16 99 H Oct
14 45 Oct
14 9354 Oct
17 46 Oct
16 954 Oct
14 35 Oct
16 121 Oct
15 47 % Oct
14 2% Oct
16 1754 Oct
15 102 Oct
14 654 Oct
17 50
18 109
171 97%
15 5354
15 9954
16 80
Oct
Oct
Oct
Oct
Oct
Oct
15 10974
17;133 54
141 77
17j 0)
18-115
Oct
Oct
Oct
Oct
Oct
Oct
Jan
April
Oct
Sept
O u t s i d e M a r k e t . — W i t h t h e b u l k o f t h e a c t i v i t y t h is w e e k
c o n f in e d t o t h e T o b a c c o s h a r e s , t h e r e m a i n d e r o f t h e l i s t ,
w h ile f a i r l y f ir m in t o n e , w a s o n l y m o d e r a t e l y t r a d e d i n .
U n ite d C ig a r S to r e s c o m m o n w a s th e le a d in g a c t iv e fe a t u r e ,
lo s i n g a b o u t h a l f a p o i n t t o 1 0 2 % , t h e n a d v a n c i n g t o 1 0 9 % .
I t r e a c t e d t o 1 0 7 % a n d c lo s e d t o - d a y a t 1 0 7 % .
T h e pre
fe rre d w e a k e n e d fr o m
1 2 2 to 1 2 1 % .
B r itis h -A m e r . T o
b a c c o g a in e d o v e r t w o p o i n t s t o 2 4 % , r e c e d e d t o 2 3 % a n d
e n d s th e w eek a t 2 4 .
T h e n ew T o b a c c o P ro d u c ts C o . p re f.
w a s a l s o r e p o r t e d a c t i v e l y d e a l t in u p s o m e 4 p o i n t s t o 1 0 6
a n d d o w n t o -d a y to 1 0 4 % .
E m e r s o n -B r a n tin g h a m c o m .
s o ld u p fr o m 7 5 % to 7 6 a n d d o w n to 7 4 % .
T h e p re fe rre d
f e ll f r o m 1 0 1 % t o 1 0 0 % , a d v a n c e d t o 1 0 2 a n d w a s t r a d e d in
fin a lly a t 9 9 % , e x -d iv id e n d .
A fir s t d iv id e n d o f 1 % % w a s
d e c la r e d o n p r e f . s t o c k t h i s w e e k .
H o u s t o n O il c o m . w a s
s t r o n g , a d v a n c i n g f r o m 2 0 t o 2 5 , a n d c lo s i n g t o - d a y a t 2 3 % .
M a n h a t t a n S h ir t c o m . c o n tin u e d its u p w a r d m o v e m e n t , w ith
a g a in o f o v e r 2 p o i n t s t o 7 4 .
T h e p r e fe r r e d , a fte r a n e a r ly
r e c e s s io n o f a b o u t h a l f a p o i n t t o 1 0 1 , s o l d u p t o 1 0 2 % .
O il
s to c k s w e re a lso a c t iv e a n d s t r o n g .
S ta n d a rd O i o f N . J .
in t h e e a r l y t r a d i n g w e a k e n e d f r o m 3 9 1 t o 3 8 8 , t h e n r a n u p
to 4 0 1 .
S t a n d a r d O il o f N . Y . w a s c o n s p i c u o u s f o r a r is e
o f 5 0 p o in ts to 5 7 0 , r e a c tin g fin a lly to
65.
U . S . M o to r
s t o c k s d e v e l o p e d s r t e n g t h , t h e c o m . s e lli n g u p a l m o s t 3
p o i n t s t o 3 % , w i t h a f in a l r e a c t i o n t o 3 .
T h e p r e fe r r e d r e g is
te r e d a n a d v a n c e o f s o m e 4 p o i n t s t o 7 , t h e c lo s i n g f ig u r e
to -d a y b e in g 6 .
I n b o n d s , G e n e ra l E le c tr c n ew 5 s a d v a n c e d
fro m 1 0 1 % to 1 0 2 % . B k ly n . R a p . T r a n . 5 % n o te s e a se d o ff
f r o m 9 6 % t o 9 6 11 1 6 .
N . Y . C ity 4 % s , 1 9 6 2 , w e n t d o w n
fr o m 1 0 0 % to 1 0 0 1 -1 6 a n d u p to 1 0 0 3 - 1 6 .
C o p p er sh a res
w e re d u ll a n d p ric e s flu c tu a t e d n a r r o w ly .
O u t s i d e q u o t a t i o n s w ill b e f o u n d o n p a g e 1 0 3 1 .
1024%
New York Stock Exchange—Stock Record, Daily, Weekly and Yearly
O C O U P V IN tt
TW O
FAM ES
For record of sales during the week of stocks usually inactive, see preceding page.
STOCKS—HIGH EST AND LOWEST SALE TRICES.
Monday
Oct. 14.
Saturday
cl. 12.
1
1
1
1
1
•
t
»
Q
m
b
(35
Pi
p
p
1
1
1
1
t
<
j
t
1
1
t
Tuesday
Oct. 15.
Wednesday
Oct. 16.
Friday
Oct. IS.
Week
Shares.
1081? 1091.) IO9I4 109*4 10934 110% 109% 1097s 109% 109*8 18,300
IOD3 102 5101*s 101*8 *102 102*8 *102% ___ 102% 102%
525
14015 1421s HI 1411? 1411? 141% *140% 14H? 140% 140*4 2,000
107 107% 106% 107% 16,350
106% 107
107 1071? 107%> 108
871,i *86
8711 *86% 871,1 *86% 87% *86% 87%
*86
90
9012 90*8 905,3 90% 91% 90*4 91% *90*4 91% 4,300
260*4 261*4 2651s 266*4 268% 269% 267 269*4 260*4 267*4 74,150
300
365 365
375 375 *370 380 *370 380 *370 390
83% 12,400
831.) 82*4 83% 83
811« 82*s 821S 82*i 83
171.1 18*s 4,450
171,
17
17*3 17% 17% 17%
17*8 1714
32*4 351? 2,600
*31
33
*32
33
33
*32
331? *32
11012 11134 1111? 11212 112 112*8 111*4 112% 111% 112% 20,600
250
142 142 *141 142% *141 142% *141 142% 141 141
1,480
141 14H2 141% 141% 141% 141% Ml 1413)
140 140
__
*181 190 *181 190 *1,81 190 *181 190 *181 190
*53% 59% *53
60
*52
60
200
*52
60
*5 U2 60
*983. 1013j *98*4 101*1 *98*4 101*4 *98*4 101*4 *98*4 1013) _____
169% 169% *169 170
40 i
169*4 170 j 169 109
*168 170
300
545 550 *530 551 *530 545 *530 545
530 530
22
22% 22% 22
*21% 22
400
2212 2U? 2l*i
*20
401,1 40% 401? *39% 40%
40
401? 40
39
39
885
*9% 10
9
9% *9% 10
500
*8*8 91.1 *812 10
*16
18% *16% 20
*16
20
*15
18
*15
17
34*4 351.) 35'8 35*i 3578 361.J 35>8 361s 35% 3.3% 42,000
53
53
53% 53
53
53
2,600
511.4 521? 52% 53
*44% 45% *42*4 44% *42*4 441?
44
100
*43
431,i 44
21,650
137*4 139L 139 139*: 140*8 141 rl38 4 139% 1387s 139
49
49% 48*4 49
48% 4S*i 5,200
4712 47
48
47
130 130% 129% 1291? 129 129%
1.400
129 12912 130 130
21% 217S 21% 21% 21
213s 28,750
2U2073 21*s 21
66% 67% 66*8 06% 31,200
651,1 60*s 66% 67% 66*’% 67%
29*4 29*8 3,750
27*4 281.) 281.1 28% 28*t 29*8 29% 30
*61% 63
63
63
62
62
400
62% 621,! *0U2 63
*14
16
*14
16
*14
16
*15
16
10
*14
__
*35
39
*35
39
*35
39
*36
39
39
*35
176 176*8 17578 176*s 175*4 1707s 54,150
17514 176*8 17512 177
160% 101% 100% 160% *160*4 101% 3,300
1601,1 161
1591s 160
160
132 132 *131*4 133% *131% 133% *132 134 *132 13 1
800
2614 25*4 25*4 25*4 25% *25*4 26%
25% 2512 26
*50% 51% *50% 511"
*50
51
*50
51
142 1443s 143*4 144*. 144% 145*4 144% 145% 144% 144'% 5,775
155 155
100
*150 155 *151 156 *151 150 *151 150
29
2873 287S 4,600
28*4 29% 29
27*i 28*4 28*4 29
65
(5*4 65*4 *64% 65% *64
700
65*2
64^2 65*2 65
45^8 44% 45
4312 4+*s 441? 451.1 45
44’s 45% 12,900
*59
66
*60
65
*59
66
*60
65
27
27
27
27
27% 27% 27
27
26*3 26*8 1,100
115*4 116% 115% 110
114*4 115% 115I2 11.5*4 115*4 HO
6,910
340
138 138
139 139 i 138% 138% 138% 138% *138 140
36*4 36*4 36% 37
1,400
37
37
36
36% 3612 37
300
86
8612 861? 8GI4 86% *85% SO *86% 87% 86
115% 11578 115*4 115*.; 115*4 1U)% 115*4 116% 116*4 1107s 6,100
__ _ ____ §89
89
20
*88
92
92
*87
92
*87
100
*65
68% *65
68%
68
681- *___
6612 6612 *65
125% 126% 126l4 12678 1267.3 127% 126% 127% 126% 127% 20,625
124% 124% 15,060
124 124*s 1241,3 1245} 12478 12473 12412 125
108 108
200
109 109 *10712 108 *107% 109 *107% 109
*<*110 117 *110 120 *110 120 *110 120 *110 120
1747s 176*j 17612 173% 176% 17773 176% 177*8 176% 177% 375,665
90% 90% 90
90
500
*88
91
*88
91
91
*88
90
96% *96
97
97
600
9612 961" 97
90
96
27*3 27o8 27% 27% 27% 275s 11,480
25*s 26% 2G*.| 271.)
54
5412 6,800
541? 54
55% 54% 55% 54% 55
54
25% *23
*23
25% *23
25
2512 *24
26
*24
*62
66
*62
65
*61
60
*61
65
*62
66
36
361? 3612 36
35% 36*8 30% 30% 36*4 36*4 1,175
39% 39% 39% 39% 5,600
39*4 401.1 39% 40
39L 39L
78
100
78*4 78
78*4 *75
78
*76
78*4 *76
*75
197S 19% 19
19
400
*19
21
21
20
20
*20
49*4 50
49
49% 2,100
50
50
4<J12 49*4 497s 50
1091? 110
110*8 1107s 111 111*8 110*4 111% 110*8 111% 15,450
26% 29% 29*4 29*4 13,900
28% 29*s 29*3 29% 20% 30
82
3,260
82% 82% 82% 82
82% 82
8H? 8212 82
*241,i 25% 2,100
24
24/s 24% 24% 24% 24*4 24*4 25
40
40% 3,480
4078 -D
393.1 401? 40*8 407s 40% 41
G78 67g 1,000
6*4 7
7
7%
7
7
81,i 8%
14% 15% 1434 143.1 1,300
*131? 1412 13% 14*8 11% 14*4
33*4 34
34
33
33*4 2,000
*30
32I4 31*4 31% 32
500
107 107
104 104 *104% 108 *104 108 *105 108
170's 1717s 171% 172% 172% 173*s 172 173% 171*4 1727g 115,100
89*4
1,900
89
89% 89% *89
88*4 88% 89
88*4 89
32% 33*4 33% 35
2,200
32
32
*31
32
*30
32
62
62
62
64
62
1,700
*00
63
*60
62% 62
4% 4%
200
4% 41? *4% 5
*41? 5
*4% 5
14
14
14% 14*4 14% 14*8 14% 14% 2,200
13*4 14
56*4 5634 2,660
65% 56
57
57% 57% 58
551.1 56
10% *9% 10
5,775
101? 10
10
103.1 10
10
10
32
33*4 32% 33% 33% 33% 32% 33*s 32% 32*4 2,600
16
15% 15% 16
2,825
15% 15'j
15*4 I6I4
*1412 16
*55
57*4 *55
*52
58
5734
*52
68
*55
58
STOCKS
N E W Y O H K STOCK
E XC H AN G E
Banks
1 New York
A e tn a _____
America 1i._
Amer Exch.
Battery Pic.
BoweryH___
B ronxBoroj
■Bronx Nat
Bryant Pk 11
Butch & Dr
Century 1|..
C h a se _____
Ask
212
238
125
400
300
155
130
230
750
243
130
180
140
235
AND
Railroads
tch Topeka & Santa Fe
Do p r e f ________
Atlantic Coast Line B it .
1Baltimore & Ohio
* ' Do p r e f ___
Brooklyn Rapid Transit.
/ 'anadlan Pacific______
* entral of New Jersey _
Chesapeake & O hio_____
Ohio Gt West trust c t f s ..
Do pref trust ctfs.
Chicago Mllw & St P aul. .
Do pref______________
Chicago & North YVestcrn
Do pref__________
Clevo Cln Chic & St l I I I
Do pref______________
elaware & H u d son .II
elaware Lack A W est.
Denver <5t Bio Grande__
Do pref______________
Duluth So Shore & Atlan
Do pref_____________
A
D
J t 'r l o .......................................
I
M
103% Feb
101*8 Jan _
133% Jan 10
rl()l% Feb 1
8*j>s Aug 13
7O’ I Jail 2
220% Mch 4
305 Jan 0
GSl4 Feb 1
10*3 J ’ly 12
31% Sep lh
U'J-% J ’ly 13
HO J ’ly la
134D J ’ly 1.
190 May 4
34% Melt 23
§U57g Feb 21
103 J ’ly fc
530 Aug 23
1312 J ’ly 12
341.1 J ’ne 19
8 Sep 9
15i2 Sep 9
3014 Jan 15
50's Feb 3
40 Feb 3
120 Jan 15
30 Jan 31
12038 May 9
103,8 Jan 3
633s Jan 3
22i2 May2y
50 May29
l l i 2 Jan 26
30 Jan 8
1557S Feb 6
1497s Feb 1
13 1*8 Sep 18
1812 J ’ly 24
540 Feb 26
129 Feb 3
H7I4 Feb 1
255g J ’ly 13
N
S
U
W
TRUST
Highest,
1113.! Oct 4
1161*8 J’na
IOII4 Feb 10 100*4 Jan 105i2 J ’no
13914 N ov
14812 Aug 12 117 Jan
1312 Sep 10914 J ’ly
11178 A p. 30
91 Jan
8512 Aug
91 Jan 23
9ti2 J ’ly 2
72 Sep
8438 J ’lY
283 Aug 15 19553 Jan 247 J’ly
395 Anr 29 260 Aug 320 Dec
68*8 Sep
8634 Feb
80I4 Oct 3
2514 J ’ne
2012 A )r 8
17 Sep
3912 Apr 8
35i2 Dec
49L Feb
111 Oct 7 l0534 Oct 133i2 Fob
146 Jan 2 141 Sep 155U Feb
145 Apr 26 138is Sep 150i2 J ’ne
198 Mch 20 191 Nov 5209 Jan
48% Sep
66 Jan
0212 Apr 23
9414 J'ly
98 Feb
101l2 Apr 17
17512 Feb 0 159i2 Sep 1747s j ’ne
569 Jan 29 505 Sep 5?0 N ov
35 Fob
24 Mch 27
17*8 Dec
74 Feb
30*4 Dec
40i4 Jan 24
9 Nov
15>s Mch
1134 M aylo
23 M aylo
17i8 Dec
301s Alch
2714 Jan
38*8 J ’ly
3918 Apr 1)
45% Jan
6 H4 J ’ly
67v Apr 11
35 Jan
19*4 J ’ly
48 A p r il
11*J Sep
140 J’no
143*4 Aug ll
333.) Dec
0334 Feb
53 Sep 26
147 J ’ly
lilts Jan 23 132 Jan
2()3S Feb
13is Sep
22 J ’ly 2
3o34 Sep
6/38 Oct 15
66*s J ’ly
2514 Sep
3 li4 Sep .0
37*8 J ’no
o ii2 Sep
05*3 Mch 25
69*4 J ’no
10 Sep
18 Apr 24
17 N ov
40 May21
26 Sep
40 Jan
1867s Deo
185*4 Jan >5 151 Sep
170 Aug 14 130l2 Sep
160*4 N ov
142i2 Jan
138*4 Mch 13 13U4 Sep
2li2 Apr
42l2 Sep
27i2Jan 23
35 Mch
*57 Jan 15
68i2 Sep
151% Aug 12 1121.14 Sep
152i4 Mch
158 Aug 19 140 Nov 180 Mch
315g Mch 29
27 Sep
38ig J’ no
62*4 Sep
70 Oot
60 Apr 17
3314 Sep
4734 Mch 27
63 Fob
60 A ug
71 Jan 4
72*8 Jan
25-s Aug
307s Jan 20
38*s Feb
121% Apr 26 r9U% Sep
11512 Feb
IM2I4 Apr 1 1207g Sep
l 6Us Feb
413s Apr 12
37*4 Sep
467S J 'ly
93*1 Apr 20
99*4 Sep
11914 Aug 12
HH4 Nov
92 Feb 17
8534 Apr
uiij J ’no
673.( Aug 2/
3912 Jan
6534 Nov
1377„ j ’no
13U2 Aug l-l 110*4 Sep
1261.1 May 2 118*4 Sep
1301s Feb
uo% Sep
11 li2 Sep 23
100 Jan
117 Feb 20 102is Sep 112 Fob
1617s J ’na
17914 Apr 29 134 Sep
88 Mch
931,! Apr 29
92 J ’ly
U012 Sep
10U2 A pr 29
101 Mar
2234 Sep
3012 Apr 8
31*8 J ’na
4334 Deo
6853 j ’na
69*8 Apr 9
29i2 M ch20
23 Deo
27 Oct
6912 Jan 23
59 Sep
691.) J ’ly
4334 Apr 11
37 Sep
4012 J ’ly
403S Oct 4
24 Jan
34 Feb
59*4 Jan
80*8 Oct 4
72 J ’UO
2712 Apr 4
66t2 J ’no 7
115'2 Apr 8 i 04>2 Sep 126*3 J ’no
32 Sep 30
24*1 Sep
333s J ’ly
807g O ct 2
0H4Jan
7514 J ’ly
1978 Dec
2614 Apr 2
30U Feb
49*4 Jan 9
31 Nov
41 Deo
4 N ov
8I.1 Jan
10*8 Apr 16
10*8 Mch 27
12 Dec
2434 Feb
3478 Dec
30 Apr 8
637a Jan
101 Sep 111 Feb
n ils Sep 1
1763.) Sep 30 153% Sep
192*8 J ’ly
89 Sep
93% Feb 27
96 J ’ ly
37% Feb 14
28t2 Sep
49 Feb
0512 Feb 14
62 Sep
761) Mch
93.) May 11
6*4 Deo
18*8 Feb
227s Apr 9
14% Deo
40*8 Feb
61% Mch25
4878 Apr
06 J ’ly
212 Sep
111.) Oct 10
6I4 Feb
7 Sep
1758 Feb
3012 Oct 9
3 Aug
8 Feb
1712 Oct 9
48 Sep
72ia May
0212 Aug 12
923., Oct 4
63*8 Mch22
10414 Mch 20
77 Sep 19
IOH4 J ’ne 19
4733 O ct 11
12014 Sep 19
635s Sep 25
120 May24
34 J ’ly 2
831s J ’n o 20
583S Sep. 0
9914 Feb 13
714 Sep 25
34 Sop 21
30*t May20
177g Apr 23
43 Apr 23
463.) Aug 17
11012 Aug 14
191,3 Aug 5
6914 Aug 14
89i2 J ’ne 10
91 Sep 26
1093,8 Sep 20
44*1 Sep
41*4 Sep
991? Oct
3914 Jan
92i2 Jan
87S J an
77 Jan
42*s Sep
113 Oot
41% Nov
92 Nov
312 Sep
18 Sep
1.12 Aug
3 Aug
261s Oct
22% Oct
102 Oct
3 Sep
o i l ; Mch
82 Sep
56*8 ScD
983, Sep
7 Its J'no
(S312 Deo
105 Deo
5U34 Oct
101 Oct
1212 May
93ls Deo
68I4 J ’ly
120 May
62*8 Feb
105i2 Fab
6 .J’ne
26*s J’ne
2534 J ’ly
12** Feb
3412 Deo
4314
M ay
110*4 Mch
6*s Jan
435a J ’ly
891, J'ly
337,8 J'no
108i2 J'no
C O .M P A N I C S — B R O K E R S ’ Q U O T A T I O N S .
banks
BU
Banks
Ask
Banks
Bid
Fifth AvelJ. 4300
H a rrlraai. .
1180
Filth ......... 300
im p ft Trad
325
150
f 1014 11015
F o u r th ____ '209
Liberty____
203
Citizens’ Ctl 188
195
G a rfie ld __ 275
Lincoln____
290
C ity_______ : 450
Manhattan!
Coal ft Iron 155
160 Germ-Am 11 140
Germ'n ExU 400
Mark’ t&Ful
Colonial 1%. 425
525
vlerch Excn
103
Commerce . 1209 1209% Gotham . . . 153
Greenwich V 25!)
vlerchants _
Corn Ex 1%. 325
330
H anover___ 700
East River.
83
Fidelity 1|__ 165
175
Ask
Year 1911.
H ighest
A
BU
Range lor Previous
Range since January 1.
On basis 01 100-j/iara lots
Do 1st preferred__
Do 2d preferred___
Great Northern pref
Iron Ore properties__
|Ulnols Central___
I nterboro-.YIetrop v t ctfs
Do pref____________
ansas City S ou th ern ..
Do
preferred______
ako Eric * W estern ..
J Do preferred ______
Lohlgh Valley___________
Louisville & N ashville..
anhattan E levated.
Inncapolls & St Louis
Do preferred________
Minn St P A S S M a r ie ...
Do preferred_________
Mo Kansas A Texas_____
Do preferred_______
6738 M a y 29
35 J ’ly 12
Missouri Pacific_________
02is Oct 7
at Rys of Alex 1st pref
26*8 Oct 18
Do 2d preferred__
N Y Central A H u d so n .. 100% Jan 9
N Y N H A H artford____ 134 J ’no 18
2y78 j ’ne 29
N Y Ontario A W estern.
86 Oct 2
N Y State Railways____
Norfolk A W estern_____ 110734 Feb 1
88 J ’ne 12
Do adjustment p r e f..
56 Mch 11
Nor Ohio Trao A L ig h t..
Northern Pacific_______ 1163,8 Jan 15
P enn sylvania___________ 122i2Jan 9
9812 Jan 2
Plttsb Cln Chlo A St L . . .
Do preferred_________ 10SI2 Jan 2
I ) e a d ln g ______________
1481S Jan 11
87l2 J ’n e 27
• v 1st preferred______
94 Jan 11
2d preferred_______
22i2 MayJl
Rock Island C om pany___
4714 J ’ly 10
Do preferred_________
t Louis A San Fran . .
20i2 Sep. 6
Do 1st preferred.____
61 M aylo
33i2 J ’ly 21
Do 2d preferred______
29*4 Jan 22
•jt Louis Southw estern..
Do preferred________
08l2 Jan 17
19 Oct 18
Seaboard Air L in e ______
Do preferred_________ 49 Oct 18
Southern Pacific C o_____ 105i2 Feb 1
20l2 Jan 31
Southern v tr ctfs strapd.
Do pref
do
68i4 Feb 4
'|'exas A Pacific_______
20t2 Jan 3
35 Sep 14
1 bird Avo N e w _______
3 Jan 15
Toledo Railways A L t___
12 Sep It
T oledo St L A W estern ..
28 J ’ne 7
Do p re e rre d _________
Twin City Rapid Transit. 104 O ct 14
nion Pacific__________ 100. Feb I
88*4 O ct 14
Do preferred______
Unit Rys In v’ t of San Fr 28 J ’ly 11
57 J ’ly 13
Do preferred_________
33.1 J ’no 19
a b a s h _______________
123S J ’ne 27
Do preferred_____
55% Sep 17
Western Maryland U y___
4 Jan 10
Wheeling A Lake Er e ___
11 Jan 3
Do 1st preferred_____
6 Jan 19
Do 2d preferred______
Wisconsin Central______
48 Feb 6
Industrial A.Miscellaneous
60 Feb 1
m agam ated C o p p e r .,
90*3 91% 89*4 913s 90% 907g 213,200
86*4 87*4 87-*4 89*)
57i2 Sep 16
400
merAgricultural Chem
*58% 59
*58% 59%
59
58*4 58*.i 59
59
50
98 J ’ly 17
500
Do pref______________
100 100 *100 1001? *99 109% *99% 100% 1001,1 100*8
53 Feb 20
70!2 71*4 69% 71% 69*8 70% 69% 70% 69*s , 0% 29,700 American Beet Sugar____
97 Apr 3
Do pref______________
*96% 100
*96% 100
*961? 100
*9712 100
*96% 100
1II4 Feb 1
45I4 46*4 45% 46% 453.1 46*4 45% 45% 447s 45% 47,400 American Can___________
90*8 Feb 1
122% 122% 1,600
Do pref______________
123L 12334 123% 124 *123% 124% *1221? 125
49 Feb _
60
59
60% 60*4 60?3 6l#3 61*8 01% 61*8 62*4 8,300 American Car A Foundry
115 Feb 14
Do pref_____
400
1171? 118
118% 1181" *117*4 H0% *117% 119% *117% 110%
100 American Cities
30% Oct 8
*30L 3U4 *30% 31% *30*8 31% *30*8 01% 317,3 31%
75% Aug 6
Do preferred
*76
77*.i *76
77*4 *76% 77% *76*4 77*4
77*4 *76
45t2 Jan 19
10,400 American Cotton OH____
50
56*4 57% 57
58
57% 56% 57
581S 57
*98
99
Do pref
95 Jan 19
*98
99
*98 ___ *98
99
*98
90
1,900 American Hide A Leather
3 Feb 19
0% 6%
6*4 7
6% 7
6
6
6
6%
30
30% 30*i 31% 1,200
20 Feb 26
Do pref
32
2812 2812 29% 29*4 ♦30
18 Jan 2
21% 22
21% 21%
1,800 American Ice Securities.
21% 22
221,i 2214 2134 22
9 Mch 6
* 1312 1414 14% 14% 14% 15*4 151.1 16*4 15% 17% 15,525 American Linseed
30
. . Feb 20
413.) 5,900
I)o p ref_______
39*4 39% 39*4 39
37
37
37% 37% 38
3134 Feb 27
4 158 421g 43
43% 43*4 43*4 433.1 44% 43t,i 44% 4,400 American L ocom otive—
103 Jan 15
___ *106*4 107*4 107% 107%
400
Do pref
*107 108 *107 108
434 Jan 10
15
15%
14% 14% 1,200 American Malt Corp-----16
1514 15U 15% 15% *15
42 Jan 0
Do pref
64% 64% 64*4 66
65% 657S Z63*s 63*8 621.4 62% 1,700
10 Amcr Smelters Sec pref II 86 M ch22
*8512 8612 *85% 86% *85% 86% §85% 85% *86% 861?
077s Feb 1
88% 86*3 871,i 33,900 Amer Smelting A Refining
84% 85*4 85% 86% 86*s 87% 87
10238 Jan 2
Do pref
107*4 107*4 108 108
1,060
107 1071,3 107 107% 108 108
BANKS
}
Thursday
0:1. 17.
Bid
280
205
635
375
350
230
270
160
185
Ask
570"
210
__
255
165
Banks
Metropolis 1
Metropol 'nil
vl t MorrlsU.
victual 1|___
N assau___
New Neth.1
New YorkOo
uu
375
190
200
285
2171?
220
875
Pacificl)____ 255
P a r k ______ 370
People’s 1J._ 210
Ask
385
193
295
265
375
250
Bid
107%
93%
450
375
___
136
250
175
Uu on E xc. 162
Wash l l ’ ts 1 276
west Side 11 515
t orkvilie 1|. GOO
Banks
Prod Exch |
R e se rv e ___
leaboard
i c c o n d ____
recurRy*! . .
m erm an___
State 11____
Ash
172%
400
146
275
168 ‘
025
• BUI and asked prices.: no sales were made on thl3 day. tEx-rights, § Less than 100 shares, esta te banks. <1 E x-dividend and rights, b New stool*,
t Sale at Stock Exohange or at auction this week. /» First Installment paid, rj Sold at private salo at this price. * E x-dlvldeud. I Full paid.
___,
oct
. 19 1912
|
New York Stock Record—Concluded—Page 2
i035
For record of sales during the week of stocks usually inactive see second page preceding.
STOCKS—-HIGHEST AND LOWEST SALE PRICES
Monday
Oct. 14.
Saturday
Oct. 12.
Tuesday
Oct. 15.
Wednesday
Oct. 10.
Thursday
Oct. 17.
Friday
Oct. 18.
Salei 0
the
Week
Shares
STOCKS
N EW Y O R K STOCK
EXCHANGE
Industrial and Alisc.(Ccm)
10,101 American Snuff
o
o
190 1921, 192 194
193 198
197 199
189 189
*100 105 *102 105 *10119 105*2 *103 105 *103 105
427, 427, 4234 4234 42% 42% 42% 42
1,34 Amer Steel Found (new)
4212 43
127 127*4 *120*? 127*' 126*2 120*2 1,400 American Sugar Refining
120 120L 12612 127
701
Do pret_____
122 1221, 12112 122 *121 123*4 *12119 123 *121*9 123
1437s 143*2 143’4 3,850 American Teleph & Teleg
143% 143*2 1127, 14312 H3I4 143',
278 281
271 277
27812 2821, 279 2803., 279 282% 17,005 American T obacco
105% 105% 105L 105% 105% 105%
1043. 1047s 105 105
650
Frererred, new
*27
30
*27
30
*27
30
American Woolen
*27
30
*27 ' 30
*85
90
*87
Do pref____
90
90
*87
90
*87
90
*86
377,
373,
373,
377,
38*,
*37
38*s 37% 37% 1,125 Amer Writing Faper. prl
30*2
433, 4434 447, 40*2 45*^3 46% 45*4 457, 54,050 aAnaoomtaCopper P a ri25
44
43
000 Assets Realization
*120 12019 125 1251? *124 12519 125*2 126*2 *124 127%
58% 68% 587, 51J
5S12 587, 58
58
58
595, 2,400 (Baldwin L ocom otive
30C 1 ’ Do pret _
1( 012 ioo% *1005, 10G34 10612 1060 *100% 10034 10034 100'
47% 497, 49
501., 50
503, 15.455 Bethlehem Steel
51*, 4934 50% 50
77
Do pret __
70
77
773, 773., 78
*76
78
77% 77% 1,600
*143 14/
144 14G
115 115 *144 147 *144% 140%
800 Brooklyn Union Gas
*32
3312 3312 3319 *32
35
10C Butterlck C o ..
*32*4 35
*32% 35
083., 0812 093, 09% 703, 097, 713, 70% 7119 89,450 / 'alitorP etrol vot tr ctfs
08
023.1 933, 9212 93
93% 93*2 935, 93*2 94% 9,000 '
93
Do pret vot tr ctfs
3012 31U 311., 315, 315, 331,1 325, 33% 32% 33% 25,525 Central L eath er.
Do pret_________
*9712 981? *0712 9912 983., 983., 9934 10012 99% 1003,
1,700
43*9 423, 43% 20,750 rfChlno Copper____Par S5
39% 41',
4112 4212 423! 431? 43
4012 413, 4114 427, 42% 4212 41% 41% 41%' 423, 5,500 Colorado Fuel & Iron
1453., 1407, 146% 147
146 1403, 145% 140*4 0,025 Consolidated Gas <N Y)
145 110
19
201,
157S 161,
101, 173.,
18
1!)
19% 22 124,300 Corn Products Refining
Do pret______
*82
84
83*4 8OI4 8512 803., 807, 87% 875, 89*2 0,330
305, 31
303.i 31
30*8 30% 30
30
31
30% 6,000 Distillers’ Securities Corn
Federal
Mining & Sinelt’g
22
*19
22
*185,
203.,
*15
21
*15
21
*18%
Do pret_______
49
§49
49
*40
15
*45
49
*45
49
*46% 49
182 1823., 1S212 1825, 1S214 1823, 182% 1821? 1823, 182*2 2,300 General Electric___
30
3712 36
351, *34
38% 38*4 3734 37% 1,300 Gen Motors vot tr ctfs
35
Do pref vot tr ctfs.
*75
77
70
70
77
78
7912 80
78
785S 1,700
23.,
25,
23, 2%
212 212
25, 25,
23, 234 12,300 dGoidHeld Con M Par Sin
73
73 L 73
1,900 Goodrloh (B F)
73U 7414 7212 731,
73*8 73
73
Do pref_____
100 100 +100 1063., *1053.1 1003.1 106-% 1003., 1063.1 1003,
640
571? §583 , 583,
59
750 dGuggenh E x p io .P a r $25
*5719 68*9 67% 693,
203, 2012 207, 203, 207, 20*4 203.1 201? 20*9 7,400 d |nsp’ n Con Cop Par $20
20
I2H4 122
122 122 *1221, 124 *122 4 12384 *122% 123% 1,400 A nternatlonal Harvester
Do p r e f______
*118 11934 *118 1103.,
11934 *115 119% §1193, 1193,,
15
4 ',
5
5
5
53, 519 *5
51.1 5*4
700 Int Mer Marine stk tr ctfs
5*2
191? 183, 1934 20
Do pret......... ..
19
21
5,200
20% 2034 20
20
1512 103, 101, 1012 16-% 17% 17
17% 15,850 International Paper.
175.8 17
Do pref________
5712 5812 583,i 587, 58% 5!»9 59
5934 69% 59% 4,300
27
27
*2012 2814 *20
273, 28% 2,050 Internat Steam P u m p ..
28% +27
28
Do pref_______
♦so
811? *80
8112 *80
100
8U2 81% 81% *79% 81%
*81
8412 *81
8419 82
400 Krcsgc Co (S S ) ____ __
*102 10212 102 102 “ *101 102%
Do
p r e f ___________
100
*101 10212
*50
55
200 Lackawanna S te e l___
*51
54
51% 51%
53
53
*51
53
*10512 10012 *1051? IOOI9 1055, 1055, 100 100 *105% 106%
250 Laclede Gas (St L) co m .
2131a 2150) 217 21834 220 222
221 2223., 22134 225
7,550
117 117 *114 117 *117 118 §117 117
Do preferred_______
110 110
304
*43
44
43% 1,800 Loose-WUcs Bis tr co ctfs
4312 44I4 437. 437, 4319 4334 43
10212 103 *10212 104 +102% 104 ” *102% 103 *102% 103
Do 1st pref__________
200
013. 923., x92
Do 2d pref__________
92
0012 91*8 913, 91% 90% 91
1,125
+83
88
*84 " 80% *84% 80*2 *85 ~ 80*9
*8312 87
§03
Do pref______________
08
*07 " 6812 §0S12 08% 08% 083, 08
68 “
375
84% 84% 847, 8512 84
84
84% 81% *84
85
600 May Department Stores.
*105L 107 *10519 107 *10519 107 *105*2 107 +105L 107
Do pref____________ .
8412 86I4
2015 2719 27
277, 273, 28*4 28% 283., 271.1 28
10,300 d >llaml Copper___Par 55
135 I35I4 *1351, 1307, *13519 1307, 13334 135*2 130% 133% 3,585 \I atlonal U'scuit___
Do pref______ ____
*123 1273.1 124lo 1241? *123 127 *123 127
100 I ’
123*8 123%
227g 247, 245, 26
25% 257, 21% 25*2 2334 24*? 14,350 Nat Enamel’g & Stanip’g
Do pref............... ..........
230
+93
04
93
+93
95
*93
95
93*2 93*2 93
OIL 65
65», 60*2 6,700 National Lead___________
60
65
66*8 00
6558 66
Do pref___________
10S12 1081, *108 11012 §1101, urn. *109 110*2 +109 110*2
150
2134 217, 217, 22% 22% 22% 22% 225, 22% 23
10,700 dNev Cons C opper.P ar 35
*74
78
*70
78
80
*75
78
78
*77
78
200 New York Air B ra k e ..
8412 8434 815, 845, *8419 81% 84% 84% *84
8434
000 North American Co (new)
*33
35
3334 333., *33
34*2 34% 34% +34
35*?
.
600 p a c ld o M a ll...
49
401, *49
4912 *4812 491., *18*2 49*2 *48*2 493,
300 *■ aclflo Telep & T e le g ..
118% 1 1034 120 121
1201.1 120', 120*2 12U, 120*4 121
4,020 People’s G L A C (Chic) .
*100 102 *100 103 *100% 102
100*9 10012 *10012 103
100 Philadelphia Co (Pittsbj .
233.1 241,1 237, 24% 2414 24% 24% 25% 24% 253, 8,225 Pittsburgh Coal C o.
29519 963$ 9512 90
Do pref__________
95*2 9584 95% 905, *94% 97% .3,500
180 10219 19212 19812 1983, 202L 1993., 210
208 215*2 21,775 P. Lorlllard C o_________
*114
Do preferred________
*114 1181, *114 118*, 117 117
400
110*8 110%
3712 38
377, 38*4 38
38
38*2 38% 38% 3<J38 2,200 Pressed Steel Car_______
d o
urei____________
100
*10112 10212 *10U2 10212 *10H2 10212 *101% 102% 102% 102*4
100 Pub Service Corp of N J .
+11G12 120
*11012 120
11812 U812
108 IG8I4 *107 16812 1077, 168 §1073.1 1673.1 §107% 10712
940 Pullman Com pany______
37
37
*37
333j *3719 383.i 373, .37% *37
3S34
300 |> allway Steel Spring___
*101
102 102 *1021, 10219 *102 10219 *102 103
100 A t ' Do pref____________
201, 207, 203.1 213, 21% 217, 21% 217g 21% 2134 25,000 dKay CorisCopper Par J 10
3212 327, 3234 3 12 3312 33% 331, 33*2 333, 3-1% 11,000 Republic Iron & Steel___
0(81, 911, *91
921,
Do pref______________
9U.i 911? 91
91*2 9134 923, 3,200
10012 1001? 1007, 1007, *inoio 101 *10012 101 §101 101
315 Rum ely (M) pref_______
208 2007, 209 210
1,750 sears, Roebuck & Co____
210 ■ 211 §211 212 '210 210
*55
57
§55
55
50
57% 553.1 5534 57
57*2 1,325 8loss-SheffIeld Steel & lr
2,S3, 283, *2814 2912 *2S14 2934 *28% 30
*28
295,
100 Standard M illin g ______
+02
64
*03
05
Do
pref_____________
*03
100
05
*63
65
64?3 64%s
41
41
411g 42
4 ll2 415, 4218 41
44
447, 2,700 Studebaker Corp (T h e )..
*94
95
*94
95
Do
pref_____________
95
95% 95*8
300
95
423., 437, 4312 441,
411., 443, 44
44% 43% 41% 2,900 dTenncssee C op p.P a r }25
1245, 125', 125 125 *125 120 *12434 120
125% 1257, 3,800 Texas Company (T h e)___
1091, 110
110*2 1IOI2 *110 11134 111*2 111*9 110% 1113,
1,100 I Inderwoou typewriter
113% IBII4 *113 11334 *113 1 13% *113 111 *113 114
Do pref____________
100
1334 137,
1312 137,
1334 14% 1334 14
13% 14% 0,850 Union Bag & Paper_____
593,
593,
57
581? 59
59
Do p ref_____________
*57
00
59% 591.1
800
*183, 2U4 18% 19*2 19
19*4 20
20% 203.1 213, 2,025 U S Cast I Pipe A Foundr
63
03
*00
03
*00
03
03
03
Do pref______________
03
043,
1,700
♦5214 55
+52
55
*52
55
*52% 55
53
63
100 U S Industrial A lc o h o l..
83
8412 84*2 84
84
*84
80
84
*8234 84
1,000 U S Realty A Im prov’ t . .
5212 5234 5234 527, 6234 523., 53
53
53
63*8 2,200 United States R ubber___
109 1001, 1003., 1007, 10i»4 109*2 10919 109% +108% 109*2 1,300
Do 1st pref___________
*7812 81
*78*2 80
*7812 80
*78*2 80
*78*2 81
7G->8 7734 773, 78% 781, 79*4 78% 791, 785, 797, 349,999 United States Steel_____
114 1147, 1143, 114% 114% 115
114% 115
Do pref______________
115 115% 5,329
023, 635, 0314 037, 04
64% 637, 643, 037, 053, 28,500 dUtah Copper___Par 510
48
4814 48
4834 4S3, 48% 48% 48->s 48*2 48% 1,450 Vlrglnla-Caroliua C h e m ..
----- ___ *115 116% *115 117 *115 117
115% 1153,
100
Do pref______________
07l2 0712 *05
07
07
*65% 09
*05
68
70
200 Virginia Iron Coal A C . .
79l2 801, 70
79*2 795, 79% 8OI4 80*2 3,300 W e s t e r n Union T e le g ..
80% 79
833., 84% 85
8412 85
5,300 ’ ’ estingh’seEl AMfg ass
85
84% 81% 85
160 *1221, 120 *12219 120 *122% 128 *122% 120
113 1135, 114 " 114% 1141? 1145, 114 " 1147, 114% 115
4,050 W oolworth (F W )______
*11419 115 *1 14 1 ,___ *114 115*2 *115
100
Do
pref_____________
___ 115 115
BANKS
Bank,
Brooklyn
Coney Isl dT
First - .........
Greenpoint. .
Hlllstdel! —
Jiomcsteadi
Manufao rs
Meohanlcs 1
Montauk H
N assau-----N a t C ity—
Bta
Ask
....
280
—
....
....
405
230
___
212
275
155
295
160
125
115
425
240
160
225
295
Banks
Brooklyn
North Side 1!
’eople’s ___
t’ rosp'ctFk'
AND
Eta
Ask
175
145
150
200
155
105
Trust Co’ s
N Y CUy
A s t o r ____
400
Bankers' Tr 575
B’ way T r . . 175
410
585
178
TRUST
Range since January 1
On basis ol 100-snare lots
Highest
Lowest
123 Mch
99 Feb
26 Jan 1!
114% Jan L
1375s Jan
241*8 Feb
101% Jan
25*4 Feb
Range tor Previous
Tear 1911
2
21
11
6
25*, Jan 25
S34 Feb 1
105% Feb 7
53% J ’ne 18
1023j Feb 2
2734 Feb 27
50% Feb 27
137% M ch21
20% Mch 18
06 Oct 5
92% Oct 15
10% Feb 27
80 Feb 27
S25 Jan 15
23*8 Feb 28
138% Feb 17
10 Jan 10
*70% Jan 3
28 Feb 5
11% Feb 28
371, Jan 23
155 Jan 2
30 Feb 26
70*4 May o
S238 Oct 9
72*2 Oct 15
100 Sep 2u
553 J ’ly 11
*18% J'ne 3
105% Feb 1
110% Jan 20
4 Mch 7
15% J ’ly 3U
93, Jan 17
*457, Jan 3
24% J ’ne 3
79 Feb 1
71 Sep 25
101 Sep 17
29 Mch : 1
104 Mch 10
1567, Jan 15
105% Jan 12
42 Sep 2/
102% Oct 7
90 J ’ly 22
75% Jan 31
08 Oct 18
09 Apr 11
10534 J 'n e 24
023, ADr 20
$23% Feb 14
12J% J 'ly 20
123 Oct 4
12% Feb 29
88 Feb 27
51*s Jan 9
105% Feb 1
$18% Jan 29
50 Feb 17
74%Jan 3
30 Jan 3
47 Feb 5
103 Jan 8
100% O ct 17
lOij Mch 1
77 Feb 8
107 Mch 11
10734 Jan 12
2834 Feb 27
90 Feb 28
10634 Feb 17
168% Feb 2
27% Feb 8
100 Mch 12
S10 Jan 29
1534 Feb 20
04% Feb 27
100 J ’ne 20
140 Jan 16
39% Jan 30
10*4 Jan ly
53 Jan 8
30 J ’ly 10
90% J'ne 28
534% Feb 1
81 Jan 10
98% Apr 3
110 J 'n e u
43s Jan 25
4934 Feb 21
13 Feb 10
50 Jan 4
26 Jan 8
67 Jan 31
45% Feb 1
1055, J 'ly 25
75 Jan 23
68% Feb 13
1073s Feb 13
$52% Jan 29
45 Sep lo
1153, Oct 18
54 Mch 4
79 J an 2
00*4 Jan 3
Lowest
H tghest.
199 Oct 18 225 Sep 325 May
105 Aug IJ
25 Sep
443, Oct 8
52% Feb
1-2*2 Feb
133i» Mayl., 112*4 Sep
111 Jan 119*2 Feb
124 Sep 2/
149% Mcll 25 131*2 Aug 153*, J ’ne
324*0 J ’ly I
1063j Jan l!
30% Mch
251? Deo
31 " May 17
90*4 J ’ne
94% Mch li
341» Feb
413, May :
24* - Sep
$13 O ct 2 $2o Sep ?41% J ’ne
100*2 Dec 108 Deo
127% Oct
603, Aug 36
108*, J ’ne w 103*4 Dec 107 Deo
20 Sep
38*8 Aug
51% O ct 2
06% J’iy
80 Sep 23
54 Set)
149 Aug 12 Z129 Sep
148% N ov
40*, Apr 30
28 Feb
31 Mch
72% O ct 6
95% Oct 5
18% Sep
33% Feb
3358 Sep 21
OH, Dec 105 Feb
100% Out 17
$14% Sep lii Slo% Sep $27% Deo
30%
8 eb
25 Sep
43% Sep 26
148% J no
149% Aug 2 12834 Sep
1534 May
9% Oct
22 Oct 18
85 May
73 Sep
8j*o Oct 18
38% Mch
29 Sep
30*4 A u g .,
36 Feb
13 Dec
2134 Sep" 25
00% May
523, Sep 20
37 Dec
igss8 May
138*2 J ’ly 25 142 Sep
6134 Aug
427, Sep 3
35 Nov
82% Sep 3
74% Dec
80*, Aug
$77, Jan
$5 Mch lb
$3*2 Oct
109% Sep 10
$21% Oct 10
12o78 Sep 16
12134 Apr 4
77, Mch29
20 Mch 2!;
l.)34 May23
02', May23
34 Jan 2
845g Apr b
89*2 O ct 2
105% Oct 2
65I2 Sep 3.j
10s34 Jan 4
225 Oct 18
118 Aug .9
471, J 'ly 20
104*4 J 'ly 27
92% Oct 14
92% J ’ly 17
707, Jan 23
88 Oct 7
112 Jan 11
99% Sep
115 Sep
3% Sep
14 Aug
9 Sep
445S May
23 Oct
80 Oct
1293, May
128% May
67g Jan
22% Deo
1338 Jan
503s Jan
44 Feb
90% J ’ne
30 Sep
101% Sep
48 Apr
114% Jan
74% Deo
68 Dec
70 Apr
10734 Sep
96
77
87
113%
530% Sep 25
101 Apr 30
131 J'ne 11
20 O ct 15
95*2 Jan 2
68*4 Oct 7
110*4 Aug 20
$241, Sep 36
83 Aug 21
877, Aug 21
33 Sep 30
553, Apr 25
122% Oct 9
111% Feb 16
27% Aug 14
100% Aug i4
215% Oct 18
$16>, Sep
117*4 Jan
124 Jan
12% Dec
85 Jan
42% Sep
104 Sep
515% Sep
45 Oct
04 Jan
23% Apr
35 Sep
101l2 Aug
99 Sep
17 Dec
6734 Jan
$24% Dec
14J34 N ov
130 Feb
22 J ’ly
100% J ’ly
69 Feb
10934 Aug
$21% J ’ne
70 Feb
7o% May
333s N ov
54*, Jan
109 Jan
118*2 J'ne
23% J ’ne
00% J ’ly
407, Sep 3u
IO.334 Aug 16
1207, Aug 13
175 Aug 21
4034 Sep 25
105 Aug 2b
$24% Sep 23
35 O ct 4
92% Sep 27
103 J ’ly 26
220% Sep 6
5934 Sep 26,
33% J ’n e 2 /
00 O ct 2
26 Sep
91 Sep
108 Oct
154 Sep
20 Oct
92 Jan
$ 12 Sep
18 Oct
74% Oct
37% J ’ne
10234 j ’ne
120 Feb
103 Jan
39 J ’ne
103 J ’no
$19 Deo
36*4 Feb
99% Feb
125% Sep
34 Sep
15 Aug
50 J ’ly
192 Feb
60*4 Feb
17% J’no
63 Dec
$30% Sep
74% Nov
03 Mch
103 Mch
434 Dec
601, N ov
11 Sep
40i 2 Sep
24 Aug
05*, Jan
30% Sep
104 Sep
$44 J ’ne
136% Feb
i l l J ’ne
1137„ J ’ly
9 Feb
69*2 Jan
19 Feb
161 Feb
30 May
7934 May
48% Deo
116% J ’ly
79 Mch
82% Feb
120^ Feb
$5773 Deo
70% Feb
128% Mch
97 J ’ly
84% May
79 May
98% Aug 13
$47% May.',
130*8 Sep ,
11534 J ’ne2b
114% Sep 17
17', May 15
0734 M a y,5
22i-> May ir
61% O ct 18
57% Sep 24
86*2 J ’ly lb
077, May21
110 May 20
85*2 M ayji
8034 Sep 30
117 Sep 3o
$07*2 Sep 30
57% Jan 20
122 Mch 27
90 Jan 2
80*4 Jan lb
89*? Aug 9
92% J ’ly 26 1177, O ct 2
113%J ’ly 29 1*01. J ’ly 2
60 Oct
103 Oct
$38 Sep
43*, Sep
114 Sep
52 Jan
71% Apr
58% Sep
110*2 AUg
Feb
Mch
J ’ne
J ’no
C O M P A N IE S — B A N K E R S ' Q U O T A T IO N S .
Trust Co’ 1
N Y City
Central i’r.
ColumbiaKnlckerb
Commercial
E m p ir e __
Uqult'ble Tr
s ia
Ask
1030
575
670
97%
310
300
550
510
uoo
222
F id e lity ___ 218
325
F u 't o n ____ 315
iuar'ty Tr. ;030
....
Trust Co's
JV Y City
Guardian Lr
H u d s o n __
Law T I&Tr
Llucoln Tr
Metropol’t’ n
Mutual Alll
Bid
Ask
135
225
90
139
230
140
460
450
115
M ut.i WestChester). . 140
152
150
Irus. Co i
N Y City
NY Lite .It Ik
N Y Trust.
TltlcGu* Tr
Union Tr . .
US ML;<5: Tr
Unit States
Bid
Ask
1030
630
520
129)
485
1110
400
Westchester 150
Windsor _ .
1045
52?
1310
1130
41 )
100
185
Trust Co's
Brooklyn
Brooklyn Tr
J ltlzen s'__
Franklin___
Hamilton . .
H o m e _____
Kings Co . .
L Is! L <5o Tr
N assau____
Feoples’ ___
jueens C o.
Bid
Ask
475
150
265
275
118
620
300
130
295
100
490
275
....
....
310
305
110
• Bid and asked prices; no sales on this day. { Less than 100 shares, t Ex-rights, a E x-div. and rights. 6 New stook. d Quoted dollars per share,
t Sale at Stock Exchange or at auotlon this week, s Ex stock dividend.
Banks marked with a paragraph (Tl) are State banks, x E x-dlvldond.
1026
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jan. I 1900 the Exchange method of quoting bonds was changed, and prices are now all— "and interest"— except for income and defaulted bonds.
8
S
3
S
8
S
3
'S
r?s
BONUS
T . 8TOCK E XCH AN G E
Week Ending Oct 18.
•ha.
U. S. Government
2s consol registered._rtl930
2s consol cou pon____01930
3s registered_________fell) 18
3s c o u p o n ___________ tl9 1 8
4s registered__________ 1925
4s c o u p o n _____________1925
Pan Canal 10-30-yr 2s fcl936
Panama Canal 3s g ____ 1061
/
Foreign Government
Argentine— Internal 5s of 1909
Chinese (Hukuang) Ry 3s £ ____
[Imperial Japanese Government
Sterling loan 4 u s ____..1 9 2 5
2d Scries 4 14s_________ 1025
Sterling loan 4s________IIl93 1
Republic of Cuba 5s exten d eb t.
External loan 4 14s..
1949
an Paulo (Brazil) trust 5 s ll9 i9
okyo ;lty loan of 1912. 5s____
U S of Mexico s f g 5s o f . .
1899
Gold 4S of 1904__________ 1954
»
Q -J
O -J
g -F
g -F
g -F
g -F
g -N
g -s
WeeKs
Range or
Las Sale
Range
Since
Jan. 1.
bid
Ask Low
High
101 10U2 lOUsOct -12
101 10112 lim* May 12
1 12 103 102U J’ly '12
10.'12 103 10263 1 ,2*8
113*4 114* 1 113-3 A u g -li
l ,3*4 II H4 114 A u g l2
101 10U2 1001* J -n o 'll
101*4 IO2I4 lol-s Oct ’ 12
M-S 1 95
J -D 1------
9712 987s O ct -12
92 Sep "12
91
F-A { 91*8 Sale 9U4
91*8
90
J -J { 90 Sale 90
83 1 8312 Oct -12
J J t M
103
M-S {102 Sale 102
99 A u g ‘ 12
F-A { ___ 99
98
J -J { 93 Sale 9712
917$' Sep -12
M-S ____ 92
96I4 90 Oct '12
O -J { 90
2
89
89
*89
Dl
J -D
sis 0
1 Then are v
L . State and City Securities
ft Y City— 4 U s .............. ...1 9 6 0 M-S
1 4 % Corporate S tock____1959 M-N
4% Corporate Stock____ 1958 M-N
' 4 % Corporate stock_____ 1957 M-N
, New 4 U s....... .............
1957 M N
New 4 H s ._ ..............
io i7 M-N
( 4 H % Corporate S to c k .. 1957 M-N
1 4 U % assessment b o n d s.1917 M-N
, 3 U % Corporate S t o c k ..1954 M-N
N Y State— 4s____________ iu6l M-S
1 Canal Improvement 4s._l961 J -J
' Canal Im p'm ent (new; 4s 1901 I J
(_ Canal im provem ent 4 s ..I9 6 0
80 Carolina 4H * 20-40____ 1933
jTenn new settlement 3s____ 1913 J -J
,Virginia fund debt 2-3s____ 1991 J -J
l 6s deferred Brown Bros c t f s ..
Raiiroad
nn Arbor 1st g 4s............/»1995 g - J
irc b‘ T o p &‘ S"F o gen g 4s. 1995 A -0
R egistered_______________ 1995 A -0
Adjustm ent gold 4s____ /*1905 Nov
Registered___________ /»1095 Nov
1
S ta m p e d ____________ /il995 M-N
Conv 43 Issue of 1909____ 19.>5 J-D
\ Conv gold 4s_____________1955 J -D
, Conv 4s (Issue of 191 0 )..I9 6 0 .1-1)
' 10-year conv gold 3s____ 1917 .1-1)
<■Debentures 4s Series K ..1 9 1 3 H-A
/• Bast Okia Dlv 1st g 4 s .. 1928 M-S
Short Line 1st 4s gold___ 1958 J -J
( Cal-Arlz 1st & ref 4 1 4 s ..1982 M -S
S Pe Pres & Pti 1st g 5 s ..1942 M-S
Ohio & St L 1st 6s_______1915 M-S
A ll Coast L 1st gold 4s___/jl952 M-S
V
Registered___________ A1952 M-S
r Ala Mid 1st gu gold 5s__ 1928 M-N
/ Bruns & VV 1st gu gold 4s 1938 J -J
Charles * Sav 1st gold 7s 1930 J -J
I L A N col' gold 4s______ol952 M-N
t Sav F & VV 1st gold 0s___1934 A-O
;•
1st gold 5s___________ .1934 A-O
? Sll Sp Oca & G gug 4s___ 1918 J - 1
(O a lt & Ohio Prior 3 Us ...1 9 2 5 J -.l
JD R eg istered __________ /il923 g - j
V Gold 43............................. /»1948 A-O
Registered___;________A1948 g - j
( Pitts June 1st gold 3s____ 1922 J -J
! P June & M Dlv ls t g 3 usl92 5 M-N
; P L E & VV Va Sys ref 4s. 1941 M-N
( Southw Dlv 1st gold 3 Us 1925 J -.l
/ Cen Ohio R 1st c g 4 H 8--1930 M-S
}. 01 Lor 60 VV con 1st g 5 s ..1933 A -0
\ Monon RIv 1st gu g 5s___1919 F-A
V Ohio River ItH 1st g 5 s .. 1930 J -D
I
General gold 5s_______ 1937 A-O
; Pitts Clev 6e Tol 1st g 6 s .1922 A-O
Pitts & West 1st g 4s____1917 J -J
; •Stat Isl R y 1st gu g 4 U s. 1943 J -D
M-S
M-N
A -0
J -J
i R och & Pitts 1st gold 63.1921 F-A
Consol 1st g 6s_______ 1922 J - i)
0u£T & Susq 1st ref g 4s___(11951 .1 -.1
J -J
f~tan So 1st ext 6s_______
M-S
2d 5s............................
. Registered____________
M-S
F-A
Central of Ga 1st gold 5s.
M-N
M-N
A
2d pref Income g 5s stamped
( 3d pref Income g 5s____ plD
1 3d pref 'ncom e g 5s sta m p ed ..
Chatt Dlv pur tnon g 4 s .. 1951
\ Mac 6e Nor Dlv 1st g 5s.
I Mid Ga & Atl Dlv 5 s . . .
r • Mobile Dlv 1st g 5s_____
fgen R R 6c B of Ga c o l£ 5 s .1937
Psn.ce
Friday
Oa 18
Oct
J -D
J -J
J -J
J -J
iM-N
J -J
(J-J
J -.l
J -J
M-N
( N Y 4 Long Br gen g 4s
M-S
Cent Verm ont 1st gu g 4 s ..s l9 2 o g - F
10012
I00I4 Sale IOOI4
u»*8 Sale 08
0«3S
9818
93
9 14 98
9814
98
9-J4 'J8 I4
105*
105*4 Sale 10*12
10U - ____
105
11)512 105^4 10534
10U2 10l<’8 10ll2 Oct 1
85^8 &538 H0I4 Oct -12
____ lLVI'o .00*8 Sep -12
100 8
10,*8 Sale 10 i*s
100-4 i0U4 100 Vs Oct -12
10*18
l Oils
1031;. J ’ly -10
97*8____ 9734 Apr "12
86i2 Deo -11
. . . 87
69 Sale 5314
00
97
69
20
2
21
77
80
79
79l2
0734
97*8 Sale 971s
90*4 93
0 712 Oct "12
88 89
881g Oct -12
67
9U4 91 Feb '12
8812
8M4 88 , 8S3a
'.’- - J tew*. l0Sia Sep 12
103>4 109i2 10914 Oct "12
.03 Sale '.051$ 100
1j9*8 Sale .08)4
10938
60 ____ 9914 J 'ly 11
95 ____ U3L Oct ’ 12
91
9 l!2 91
91
100 ____ IOOI4
IOOI4
103U lJ8*4 IO8I4 O ct 12
106 ____ lOO-is J ’ly '11
95 Sale 01*8
95
93 ____ 98 Oct "00
10012 103l2 103*» A u g '11
93 ____ 95 A u g '12
128 ____
03 Sale 92?g
93U
122 123 L23's J’ne '12
100 11212 110*8 M a y 'll
97 100
97 Oct '12
921$ 9214 UD2 O ct '12 s 18
90
90*, 90*8 A u g '12
9,L
9714 Sale 9718
9,1.
17
95*8____ 90 A u g '12
. . . Jan '12
10jl2 . . . . 112
87l2 ____ 8712 Sep '12
89 Sale 88*4
89l4
897S
89'8 Sale 8934
98 ____ .01*8 Sep '12;
105 10J12 07 J ’ no'12
10U2 ____ ,0214 J ’no'12
10/ ____ 1093j M ch' 12
100 105 10512 Apr '12
109 ____ 1131* Feb '12
95t2 ____ 97 Sep '12
91 ____ 91 J ’ne'12
H i's
109*4____ 10914
101 10 U2 10178 Sep '12
95/8 - - - - 97 Feb '11
v .L l _
103 J ’ly '08
111*8____ 11334 N o v ’ l l
1121$____ 112 Aug'12
____ 45
72 Mch 10
1001$ Sale 1001j
10018
9978 100 1 0 0
10 0
99 ____ 10034 Jan '11
11012 ------ U278 Apr '12
10>l2 108 I0712 10, 12
100 ____ 107 A u g '12
.03 Dec '11
.05 D e c 'l l
90 N o v 'l l
.07 D e c 'l l
85is Oct '10
UOI2 'Jlio 9112 J’ly '12
107 10J12 IO7I4 Jan '12
105*8____ 115 N o v '05
105 ____ 10934 May 11
101 10U2 101 Sep '12
118*4 ID 119 Oct '12
11312 12 1 118L O ct '12
105U10/ IO.5I4 Oct '12
102 ____ 102i2 May'12
100 J ’ly '12
98 ____ 100 Sep '12
90i2
00*2 Salo 00i2
N.
IVetKi
Range or
Las'. Sals
BONDS
T . STOCK EXC H AN G E
Week Ending Oct 18.
Low High Chesapeake & Ohio—
Gen funding ft lmpt 5 s ..1929 J -J
10014101
1st consol gold 5s________ 1939 M-N
10034 l o r
Registered____________ 1939 m - n
102 102J4
General gold 4 U s________ 1992 u - s
10U2 IOU4
Registered_____________1992 M-S
U3I4 114*8
Convertible 4 U s_________ 1930 F A
11314 U434
Big Sandy 1st 4s_________ 1944 J-D
Coal Rlv Uy 1st gu 4s____1945 J-D
1013s 102U
Craig Valley 1st g 5s____1940 J - J
Potts Creek Br 1st 4s____1946 J-J
R & A Dlv 1st con g 4 s ..1989 J-J
97 100
2d conso! gold 4s_______1989 J-J
93t4 95l2
Greenbrier Uy 1st gu g 4s 1940 M-N
Chic & Alt H R ref g 3s_____ 1949 A -0
91U 94
Hallway 1st lien 3 Us " 1950 J-J
90
03
8.3I4 8818 Cnlc B & g Denver Dlv 4 s ..1922 F-A
Illinois Dlv 3 Us........................ 1949
J J
102 10)
Regis teied_________ Z.Zl949 J-J
99
99I4
Illinois Dlv 4s______
1949 J- J
971s 981
91-s 95
Registered___._ Z
1949 J J
Iowa Div sink fund 5 s I.Il9 1 9 A -0
9512 9714
Sinking fund 4s...............1919 A-O
88 91
Nebraska Extension 4 s ..1927 ,V1- N
/ 35 to £.
Registered_______
..1 9 2 7 M-N
Southwestern Dlv 4 s ___1921 M-S
IOOI4 103
Jomt oouds See Great*Nortb
98 10018
Debenture 5s______
1913 M-N
98 10018
General 4s__________ ZZZZl058 n - s
9773 I00I4
10512 107-s Chic & E 111 ret & Imp 4 gs 1955 J- J
1st consol gold 0s________ 1934 A -0
102 10234
General consol 1st 5s___1937 U-N
10jl2 1077s
Registered________ Z.**1937 vi-N
10U2 1027a
Chic & Ind C Ry 1st 5 s ..1930 J- J
847s 88
10038 1027s Chic Gt Western 1st 4s____1959 M-S
10 )3a 1027s Chic Ind & Loulsv— Ref 63.1947 J-J
Refunding gold 5s______ 1947 J- J
100*8 103
Refunding 43 Series C . 1917 J- J
10012 102
Ind & Louisv 1st gu 4 s ..1956 J-J
'97*34 "9734 Chic Ind & Sou 50-yr 43____ 1950 J J
Chic L S & East 1st 4 Us *1969 J-D
Chic MU & St P terml g 5 s .. 1914 J-J
40 60
Gea'I gold 4s Series A e l 989 J- J
Registered ____
e l989 -J
7012 8414
Geu’i gold 3 Us ISeries B .el9 89 -J
0O12 100
Registered___________ «1989 J-J
961s 0912
25-year deben 43_________ 1934 J-J
873.4 0238
Conv 1
(full pd rects)_____
9OI4 91
Chic & L Sup Dlv g 5s___1921 J -J
3734 02*8
Cblo 60 Mo Rlv Dlv 5s
1920 J -J
100l4 10734
Chic & P W 1st g 5s_____ 1921 J -J
10534 111
C M -Sc Puget Sd 1st gu 43 1949 J -J
IOOI4 10,14
Dak & Gt So gold 5s____1910 J -J
105 111
Dubuque Dlv 1st s t 83..1920 J -J
Far & Sou assum g 0s____1924 J -J
95U 96*4
LaCrosse & D 1st 5s_____ 1919 J -J
91
04
Wls & Minn Div g 53____ 1921 J -J
993.11001 r
Wls VaF Dlv 1st Os............1920 J -J
IOSI4 1101 2
Mil 6s No 1st cons 0s____1913 J-D
Extended 4 U s________1913 J -D
941$ 087j
Chicago & N West cons 7s .1915VJ-F
Extension 4s______ 1880-1926 F-A
R egistered______ 1886-11)26 F-A
95 0534
General gold 3 U s________1987 M-N
Registered___________ pl987 g - F
9278 9OI4
General 4s_______________1987 M-N
1231s 1231g
Sinking fund 6s____1879-1929 A-O
R egistered______ 1879-1929 A -0
97 97
Sinking fund 5s____1879-1929 A -0
901a 93
R egistered______ 1879-1929 A -0
90*a 91*8
Debenture 5s.................. .1921 A-O
9512 99L
Registered____________ 1921 A-O
90 931g
Sinking fund deb 5s_____ 1933 M-N
112 112
Registered____________ 1933 M-N
’ 8712 90
Frem Elk & Mo V 1st 6 s .1933 A -0
88*4 92
Mant
G B & N W 1st 3 Us 1941 J -J
8S12 9112
Mllw & S L 1st gu 3 U s ..1941 J -J
101*8 101*3
Mil L 3 & West 1st g 0 s ..1921 M -S
107 11U2
E xt & Imp 3 f gold 5 s ..1929 F -A
102L 10412
Ashland Dlv 1st g 0 s ..1925 M-S
1091j 1093j
Mich Dlv 1st gold 6 s .. 1924 J -J
105 10512
MU Spar 6c N VV 1st gu 4 s. 1947 M -S
1131$11312
Northw Union 1st 7s g_.1917 M-S
97 97*2
Winona & St P 1st ext 7s 1910 J -D
91
91
10974112I-. Chicago Rock Is 6a Pa 6 s . . 1917 J -J
Registered____________ 1917 J -J
104 107U
General gold 4s__________ 1988 J -J
Registered_____ _______ 1988 J - J
Retundlng gold 4s______ 1934 A-O
20-year debenture 6 s____ 1932 J - J
112 115*8
Coll trust Series L 4 s ____ 1914 M-N
p 4s..................................1918 M-N
1001j 102
Chic R I 6c Pao H R 4 S ...2 0 0 2 M-N
9912101
Registered____________ 2002 M-N
R 1 Ark 6c Louis 1st 4U # 1934 M -S
1127g 11334
Bur C R 6j N— 1st g 5S..1934 A-O
10034 l l l l g
Registered__________ 1934 A-O
107 107
O R I F 60 N W 1st gu 5s ’21 A -0
M 6e St L 1st gu g 7s___1927 J -D
Choc Ok 6e G gen g 5 s ..01919 J - J
Consol gold os_________ 1952 M-N
Keok <S> Des M 1st 5s____ 1923 A -0
St Paul6c K C S h L ls t4 Us’41 F -A
89*8 9U2
10714 IO7I4 Chic St P M 6c O con 6s____1930 J -D
Cons 6s reduced to 3 U s_1930 J -D
Debenture 5 s ___________ 1930 M -S
Ch St P & Minn l s t g 6 s ..1918 M-N
101 103
Nor Wisconsin 1st 6s____1930 J -J
118 12234
St P 6c S City ls t g 6s____1919 A-O
117t2 12214
Superior Short L 1st 5s g.1930 M-S
105 107
10212 10212 Chic 6s West Ind gen g 6s..<?1932 Q-M
Consol 50-year 4s____...1 9 5 2 J -J
100 100
Cln H 60 D 2d gold 4 U s____1937 J -J
100 100
1st & refunding 4s______ 1959 J -J
90
9214
1st guaranteed 4s_____ 1959 J -J
.
H.
High
txnc
1031$ I0.il2
109 Oct
111 May'I
99*8
99
9933 Nov'l
031$
9 ;
80
80
8812 Oct 1
101*4 May'l
84 May'12
95 Oct T
90I2 Aug'l
80i2 ____ 95 Oct '10
70 Sep T
____ 71)
65
65 s
U9la 1J0
8434 85
83 . . . .
98 Sale
90 loo
I037g____
99 . . .
9012 99
90 971;
9S34 ____
6H2
i.5
85
851
02*8 94 I
86 89 !
85
881$
101*4 101*4
84
86*4
913.t 90 i
9012 901$
70
721$
6OI4 651$:
99ls U)0 |
S334 88 I
85i2 8OI4I
98 1001$1
97
991$
1037s 105 i
9914 995$
97*4 90*$
96*8 90*$
08*4 991$
9918 Oct ' 1
8614 Aug'12
98
OS's
97 Sep ’ 1
193 Sep T2
99I4 Aug'12
98 Sep 12
96*8 Sep T
98 4 Oct ’ 12
190*3 A ug’ l
...
3r.
6
..
..
1i)914 Feb '12 . .
..
lJ01a 1073.| 108 i2 J’ne T2
0
i 0\s
76*8 Sale 76l2
10018 101'
U0I4 Sale
7 ,ig 7,14
119*4 123
107 10J
90I4
9312
7 /I4
It >1-
7,14
Oct 'L.
lOGioOet ’ 12
124*8 12Sl2 125 Aug 12
____110 109*4 Aug 12
95*3 Apr 11
80 J’ly '12
80 84
90l4 Aug'12
____031104 Dec 'll
100*8 Salo 100*8
100*8
1)8
98 98*8 9 ,1 4
95 __
97>2 Apr T2
83 85 83*s Sep T *82 . _ 86 J'n e'll
1003S 101*$
941$ 971$
77
811$
T!)l2 125 I
10'il2 llll$
109L 1091$
IOSI2 1091$
75
83 ;
125 1291$
10934 110*4
80 901$
OOI4 91*$
id:)*8 1021$
0012 991$
9712 98 |
83*8 807$
90*4 907g 90 SO ct ' i°
90
02H
100
30. l()134 107 ;
____ 105 Sep '12
105 108 I
loo ___ 108 J'no'12
108 108^$
I06i2 Salo 10512 10512
10tl2 100*$
92l2
923.,
____ 92-1
9212 051$
lo lls ___ ll)214 Oct 12
102 103
111
___ 111 xOct '1.
111*4 113*$
ll.tl4 ____ 117*8 Aug'll
103 ____ 1043.1 J no 12
104*2 104*4
108 100*$
IOB4 IO3I4 100 J’ne'12
111*4 112*4
11018 113 ni34Sep 'L
101 IOH4
10012 ____ 101 Sep '12
1001,8 1001$
99
100*8 A ug'l101*4 108
105 XO7 I4 IO0 I4 Sep '1 2
901o 98 ,
95 U7i2 96i2 Sep '1 2
93 Oct '12
90 96
*95 ..
81 8 H4 8412 Oct ‘ 12
83*8 87
8212 8 114 8434 J'ly '12
8H2 86*4
0 , 1.1
95
68*14
97 Sale 9 7
105'8 Sale 0)12
107
no
____
111*4
N ov 'll
109 ____ 109*4 A u g 'l 2
1051s____ 103 Oct T2
101*8
1J 1*8____ 101*8
1021410U2 lOl-lsScp T
10934 109*4
105 1067$
101*8 101*1
102*4 1051*
10jl2 ____ 10812 Mch 12
io 's 'l'j
m* ZZZZ 123
120 " 127*1$
1O012 Feb TO
10734 Aug'll
J’ly 12
0012 Sep '09
____ 8034
111 111 -11*4 Sep '12
IO/33____ 10 )3, Aug'12
114-8____ '.421$ Feb '02
114*8------ 16*4 May'12
J.3I4
92-8 9314 93
H O 's ____ 115 J ’l y '11
109ls 111*8 109 Sep 12
IO6I4____ 10 )34 Sep '12
100 ____ 109 Aug TO
9U2 913.| <j4*.i O ct '12
03
9 14 93*2 Oct T2
8,12
873g Sale 8714
2Tg
9212
02i4 Sale
00 ____ 973.1 Sep 11
94*4 J ’n o 'l l
____95
09*8
093g Sale 09*3
11U2 11S1$
100*4 n 0 :
10
71*4 Mch T 2
90 Sep T2
no
I0UI4 llu “ 10914
12()12 Mch 03
102*8 100 105I4 Sep '11
1011$____
100 10/
09 Sale
90 Sale
120 122
89 ____
102I4 102*8
120 . . .
120 . . .
10J 110
1081$
102 Sep '12
100
100
99
09
90
90*2
129l2 Sep T2
93 Deo '03
10212 Oct 2
122 J ’n o '12
129*$ M ay'09
109
109
110*’, ifo'»J I
9212 94
109 111 100*4 108H|
94L
93*8
87
91
96
901i
90*3
94*$
07
73U
71*4 72*4
90 93
10JU 1111$
__ - . . . * 1
102 102 |
103 10814!
99 lO llij
89 9H$;
120G124 |
102** 165 ' j
122
1231$
109 * l f l 4 !
ioaVJZZZ'. I6/T2 0 c t T2
89 901.| 88i2 Sep T2
____100*8 101 Mch'12
____ 91l2
____ 907a 8GI4 J ’n o T '2 __
1071* ids'i*!
8812 921$
101 101
M-N
A-O
A-O
1037s Salo 10373
94*3 Sale 94*3
951$ Sale 9512
101
9 l*s
9512
1031$ 105
94ia 081a
94*4, 98
A -0
04 M ay’ 12
6H4 J 'ly T
6934 M ch’ 12
__ 101*8 101 Sep 12
. 103 101*4 Oct '12
ZZ-- 1021$102 J 'n e ‘ 12
74 J'ly '12
7412 J’ly 'D
70 Oct T2
108 109 10734 10,34
____81
9312 J’ly '06
10412 Deo 'l l
94 ------ 9412 Oct T2
681$ 64
671$ 62li
67*3 62 ~
103 1041$
10U2 1031$
102 103
74
80
73
811$
7214 8H4
107*4 110U
i
'dfl * "87**
/MISCELLANEOUS BONDS—Continued on Next Page.
Street Railway
Brooklyn Rap Tran g 5$___ 1945
1 1st refund conv gold 4 s . . 2002
Bk City 1st con 5s 1910-1941
Bk Q Co 6s S con gu g 5 s .1941
Bklyn Q Co & S 1st 5 s . . . 1941
Bklyn Un El 1st g 4-5S..1950
Stamped guar 4-5s____ 1950
, Kings Co El 1st g 4s_____ 1949
1
Stamped guar 4s______ 1949
f Nassau Elec guar gold 43.1951
Oonn R y 6s L ist 6s ref 5g 4 U s .’ Sl
! Stamped guar 4 U s........... 1951
,g e t United 1st cons g 4 U»-1932
F tS m lth L t& T r a c lstg 53.1930
Grand Rapids Ry l s t g 5 s ..1910
H avana Elec consol g 5s___1952
A -0
J- J
J J
M-N
J-J
F -A
F -A
F-A
F-A
J- J
J- J
J- J
J- J
M-S
J-D
F-A
fn terb o ro -M etro p coll 4 U s . 1956 A-O
L J No prloo Friday; latest thla week,
2 103 105*8
101*8 Sale 1031$ 10 ll8
91-8 107 837S 043,
01's Sale 9 ll2
102 10212 102 Oct T2 --T-- 101 102l2
9S34 9834
98*4 J’ly T2 —
101*8 10314
____10l-> 101*34 O c t"i2
10U2 102*2
10U210218 102 Oct T2
8312 87
85!2 80*4 87 Sep '12
1 8H4 861$
80
80
800 80
6 7712 81
79
79
78
70
101 1017$
____102*8 10U8 J 'n o ’ 12
____ ion- 101i2Scp T2 ___ 10112 10214
1 75
79*8
76
70 Sale 70
93
95
____ 9412 93 Apr T2
99 IOOI4
100 ___ 99 Sep T2
6 987S 9934
t9
99 Sale 99
493 8012 8412
82
8 134 Sale 81*8
d Due April.
* Due May.
Street Railway.
Interboro R ap Tr 6s Ser A . 1952
Manbat R y (N Y) cons g 4 s .1990
Stamped tax-exem pt____1990
Metropolitan Street R y—
Refunding gold 4s______ 2002
Farmers’ Loan & Tr ctf____
S ta m p e d _______________
B w a y 6 c7 th A v I s t c g 5 s .l9 4 3
Col 6s 9th A v 1st gu g 5 s .1993
Lex A v 6s P F 1st gu g 5 s .1093
Third A v R R cons gu 4 s .2000
Central Trust Co certs_____
Cent TrC o cts stam ped____
Third A ve R y 1st g 5s___1937
Met VV S El (Chic) l s t g 4s. 1938
Mllw Elec Ry 6s Lt cons g 5sl920
Refunding 61 exten 4 U s. 1931
A Due July.
It Due Aug.
J -D
M-S
M-S
J -J
J -J
F-A
F -A
J -J
____ 53
0U2 961$
0Due Oot. p Due Nov. nDuo Deo. 4Option sale.__ *
New York Bond Record—Continued—Page 2
O c t . 19 1912.
N.
BONDS
Y . STOCK EXCHANGE
Week Ending Oct 18.
WeeFs
Range or
Last Sale
Gin Ham & Dayton <Continued)
Cln D & I 1st gu g 5s_. -1941 M-N
C Find & Ft W 1st gu 4s g 1023 M-N
Cln I & W 1st gu g 4s----- 1953 J-J
Day & Mich 1st cons 4 Hs 1931 J J
Ind Dec St W lstff 5s------ 19‘" J -J
1st guar gold 5s-----------1935 J-J
Clave Cln C & St L gen 4s. .1993 J-O
20-yr deb 4 % s ----------..1U31 J-J
Cairo Dlv 1st gold 4s------1939 J J
Cln W & M Dlv 1st g 4 s.. 1991 J -J
St L Dlv 1st col trg 4 s...1990 M-N
Registered___________ 1990 M-N
Spr & Cot Dlv 1st g 4s__ 1940 M-S
W W Val Dlv 1st g 4s...1940 J -J
C I St L Sc C consol 0s__ 1920 (M-N
1st gold 4s__________ A:193G Q-F
Registered.............. A:1930 Q-F
Cln S & Cl con 1st g 5s__ 1928 J-J
C C C & 1 consol 7s______ 1914 J-D
Consol sinking fund 7 s.1914 J-D
General consol gold 6s. 1934 J -J
Registered_________ 1934 J-J
Ind HI & W 1st pref 4s___1940 A-O
O Ind & W 1st pref 5s..dl938
Peo & East 1st con 4 s...1940 n
1990
Income 4s________
Col Midland 1st g 4s.......... .1947
Colorado & Sou lstg 4s . 1929 F-A
Refund <St ext 4 y3 3
1935 M-N
Ft W Sc Den C 1st g 6 s .. 1921 J-D
Conn & Pas Rlvs 1st g 4 s..1943 A-O
Cuba RR 1st 50-yr 5 g ____ 1952 J -J
Rack & Western—
D elMorris
& Essex 1st 7 s.. 1914 (M-N
1st consol guar 7s___ 1915 J-D
•
Registered ________1915 J-D
1st ref gu g 3 13 s____ 2 0 0 0 J-D
N Y Lack & YV 1st 0s___ 1921 J-J
' Construction 5s_______ 1923 F-A
Term & Improve 4s — 1923 M-N
Warren 1st ret gu g 3 Hs.2000 F-A
Del & Hud 1st Pa IJiv 7 s...1017 M-S
Registered------------------1917 M - S
10-yr conv deb 4s_______ 1910 J-D
1st lien equip g 4 Vis ------- 1922 J -J
1st A ref 4s....................... 1943 Al-N
•Alb & Sus conv 3 J^s___ 1940 A-O
Rons A Saratoga 1st 7 s ..1921 Al-N
DcnvA R Gr 1st con g 4 s .1936 J-J
Consol gold 4 %s________ 1930 J -J
Improvement gold 5s___ 1928 J-D
1st A refunding 5s_____ 1955 F-A
, Rio Gr June 1st gu g 5 s.. 1939 J-D
Rio Gr So 1st gold 4s___ 1940 J-J
Guaranteed _________ 1 9 1 0 J-J
Rio Gr West 1st g 4s___ 1939 J -J
Mtge A col trust 4s A . .1949 A-O
Utah Cent lstgu g 4s.al917 A-O
Dos Mo! Un Ry 1st g 5s___ 1917 M-N
Det A Mack 1st lien g 4s__ 1995 J-D
Gold 4s.........................
1995 J-D
D ctR iv Tun Det Ter Tun 4 %s'0l Al-N
Det T A 1—O S Dlv 1st g 4sl94l Al-S
Dul Mlssabe A Nor gen 5s. .1941 J- J
Dul A Iron Range 1st 5s__ 1937 A-O
Registered________
1937 A-O
2d Os................................... 1910 J-J
Dul So Shore A Atl g 5s___ 1937 J -J
Jot A East 1st g 5 s..1941 Al-N
E lgin
rle 1st consol gold 7s___ 1920 M-S
N Y A Erie 1st ext g 4 s..1947 M-N
2d ext gold 5s________ 1919 M-S
3d ext gold 4 Via______ 1923 (M-S
4th ext gold 5s_______ 1920 A-O
5th ext gold 4s_______ 1928 J-D
N Y I , E A W lstg fd 73.1020 M-S
Erie 1st con g 4s prior__ 1990 J-J
Registered_________ 1990 J- J
• 1st consol gen lien g 4 s.1990 J-J
Registered........ ........ 1990 J-J
Penn coll tr g 4s______1051 F-A
• 60-year conv 4s A ___ 1953 A-O
do
Series B___ 1953 A-O
Bull N Y A Erie 1st 7 s..1910 J-D
Chic A Eric 1st gold 5s..1982 Al-N
Clev A Mahon Val g 5 s .. 1938 J-J
Registered____________1938 (J-J
Long Dock consol g 6s__ 1935 A-O
Coat A RR 1st cur gu 6 s.1922 Al-N
Dock A Imp 1st cur 6 s..1913 J-J
N Y A Green L gu g 5s..1046 Al-N
N Y Sus A YV 1st ref 5 s..1937 J-J
2d gold 4 %s_________ 1937 F-A
General gold 5s______ 1 9 4 0 F-A
Terminal 1st gold 5s..1943 Al-N
Mid ot N J 1st ext 5s___ 1940 A -O
YVIlk A Ea lstgu g 5 s ...1942 J-D
Ev A Ind 1st con gu g 0s__ 1920 J-J
Evans A T H 1st cons 0s__ 1921 J -J
1st general gold 5s______1942 A-O
Mt Vernon 1st gold 6s__ 1923 A-O
Sull Co Branch ls t g 5 s..1930 A-O
lorida E Coast 1st 4 HS..1959 J-D
F oort
r f St rT
' n 1oV
104 1 J-J
[J nD fCo
1st g J4L*a
YSs.1941
Ft YV A Rio Gr 1st g 4s___ 1928 J- J
A-O
al
H
A
II
of
1882
1st
5
s.1013
G rcat Northern—
C 11 A Q coll trust 4 3 ____1921 J-J
Registered./)_______ 1 0 2 1
1st A refund 4 %s scr A . . 1901 f
Low
101
8034 881£
88
8634
Range
Since
Jan. 1.
High
Low
101
M ch'll
Sep ’ ll
10312 ___ 104
101
1071* Dec '02
----- 9H4 91
91
----- 92% 92 Oct '12
91% 9412 9318 Sep T_
___ 895s 90 J’ly ’ U
90 92 00! 2
9012
8812 . . .
91 Oct '07
88 . . .
90 Dee 'll
83 . . .
91 Apr '12
1031s . . . 10534Deo ’ ll
90!2 . . .
961*? Oct ’ i 2
951* . . .
96 “ J'ly '12
10512--. 1071s J’ly ’ 12
___ 101 105 J’ne'12
94
R e g i s t e r e d ...................
1 9 01
931.
033.
94'
93
91
91
9*1
123 123
J’ly ’OS
87% 92
35
42
50
68
935s 975
94 08%
103% 1X21
May’10
103*4____ 10684 Sep ’ll
100% 109 10684 Oet ’ ll
105 107 lllsg Dec ’ 10
90 Mch’ 12
IIH4 ___ lil* Sep ’ 12
104%I07% 107% MayT2
9012 Sale 90!*
90t;
1021s Feb '03
110%----- 1 1512 Aug ’ll
149 A ug'01
97i2 Sale 9712
9'P
. . . 101 101% Oct T 2
981* 98% 98% Oct ’ ll
VO 90% 90 Oct '11
118
121% May’ 12
87 90 8 8 Oct T2
97 98 07 Sep ’ ll
94% 95 Aug’ ll
83% Sale 83
8 o3g
1011 * 101 % Aug '1 2
77% 01% Apr ’ ll
—
85 M cb’OS
82% 84 S3 Oct T
79 80 J n e ’ 12
82
97 Jan '0:
99
110 Sep 0:
9*5' 92 N ov’ ll
90%
90% Sep 'L
—
98%
99% 9S1*
7 5 " Feb '12
104 105 105 Sep ’ 12
103% — 104 Aug'U
106% Mch’08
101
. . . . 104 Feb ’ll
1031*
103 Oct ’ 12
110 Aug’ ll
110
115 116 ; 117 A ug’ ll
1011 * J'ne ’l l
101% Mch‘ 12
ioT%
09% __ .. 99% Oct ’ 12
105 Feb T 2
(A5 1 C1 100 Jan T
Uti% 1U>34 J’ne ’ 12
8 0 % 8 1 % 8684
8 6 ;J
4
86
85 Sep ’ 12
77 77% 77%
77%.
_
77% 77 Apr '12
891* 8 '% 89%
89%
88
87 Sale 87
78% Sale 7784
78%
105 ___ 110 Apr T 2
111 111% 112 Sep ’ U
1 0 8 8 4 ___ 109 May’12
1221*----- 124% May’ 12
107% 107% 107.% Sep ’ 12
100 101 100% Oct ’12
104 . . . 103% Aug’ ll
103 . . . 103 J’ly ’ 12
82% 90 100% Deo '00
87 88 87 Sep ’12
108% 10S34 1)8% Sep '12
1 1 1 % MayT2
___ 9984 100 Sep ’ 12
HOD 111 106 May’12
12 J’l y ’ 12
1 lO-lt___
98 100 0 2 J’ne ’ 12
107 % ____ 08 N ov’l l
95 ___ 95 J’ne’ 12
. . . . 9012 96% Oct ’ 12
92 A ug'10
7712 81
77% Sep ’ 12
9812 ____ 99% Aug’ ll
104*8 1003
10084102%
90 90
111% 114%
107% 107
95% 98
973s 99
101 10134
971* 993
90 “ 93
121% 121%
84 91
901* 981
9 4 ' 99%
81 90
101% 1011.
88%
81
90 92!'
98% 1007s
75 75
105 106
104 107
101 103
110 112F
116% 118%
104% 1041
99% 10234
105 105%
100 100
11534110%
86!; 90
85 8.81
705S 7934
77 77
88% 91
85 91%
75% 807.
10834 110*4
i n 114
109 109
123*4 1141
106 107%
100 % 101*4
103% 105
103 105
87 90
10.81*110
111% 1111.
09% 1021.
106 106 ;
lll%112*s
1017* 102%
95
995.
76 81%
99% 100
95% Sale 95%
9534 291 95% 98*
953o Sep ’ ll
955* 98%
100 100% 100% Oct ’ 12
100% 101%
J-J
97 98*4 98 Aug’ 12
98
99*4
J-J 12234 ___ 12534 Sep '12
12434 12084
122
Sep ’ 12
J- J
122 122
J-J 10312 10412 103% A ug’ 12
1035* 105%
J-J 102 ___ 10834 J’ne '09
J -D 95 ____ 96% Oct '12
961* 98%
D
___ 93 J’ne’ l l .
j
St Paul M A Man 4 s.____ 1933
1st consol gold 6s_____ 1933
Registered_________ 1933
Reduced to gold 4 Hsl933
Registered............. 1933
Mont ext 1st gold 4s 1937
Registered__
1037
90%
91
931s
90
897*
90 97
96 90
107% 1071*
105 105
*95 ___
831; Sale ’«7*% ' 88*4
50
4',!2 £2 49
45 47 47 Oct ’12
94 I4
9 1* #1*4 9 4
94%
9;% 94% 04
103 110 1081* Oct ’ 12
100
S3
104 104%
128 Oct *12
M ISC E LLA N E O U S
C*O
C
3
pc
Street Pallway
Mlflneap St 1st cons g 5 s . 1 9 1 0 J - J 1 0 1 * 4 ___ 102% Oct ’ 12
New Ort Ry So I.t gen 4 Hsll935 J-J
80 89'" 80 Oct ’ 12
N Y Rys 1 st R E & ref 4s temp J-J
77% Sale 77%
77% 47
30-year ad) Inc 5s______1 9 4 2 A-O 65 Sale 51%
553a 278
Portland Ry 1st So ref 5s__ 1 9 3 0 M-N 100*4___ 10034Scp TV . . . .
Portland Gen Elec 1st 5s . . 1 9 3 5 J J
St Jos Ry. L, II & P lstg 5s 1 9 3 7 M-N 98%___ 98 N ov’08
St Paul City Cab cons g 5 S. . 1 9 3 7 J -J 105 ___ 105 Sep T2
Third Ave 1st ref 4s______i 9 6 0 J -J
83
61
82 Sale 8 IB3
Adi Inc 5 s. ........ ..........a 1960 Y-O 73?s Sale 73
737s 198
Trl-Clty Ry & Lt 1st s f 5s. 1923 A-O 97% 98 98 Oct T2 —
Underground of London—
4 Vis ...................................1933 J - J
1
95
----- 95% 95
Income 8s......................... 1948
1
85 Sale 85
85
Union Elec (Chic) lstg 5 s.. 1945 A-O
81 Oct '08
United Rys Inv 1st Hen coll
trust 5s Pitts Issue..........1926 M-N
82%
82%
7
BONDS
Y. STOCK EXCHANGE
Week Ending Oct 18.
Price
Friday
Oct 18
WccICs
Range or
Last Salt
Range
Since
Jan. 1.
35 $
High St P M & M (Continued)—
Bid
Ask Low
Hlgt No Low
921*___ 92% Mch’ l ___
Pacific Ext guar 4s £ ___ 1940 J-J
101 104%
8684
N.
1027
E Minn Nor Dlv 1st g4sl948 A-O
Minn Union 1st g 6s__ 1922 J-J
Mont C 1st gu g 6s___ 1937 J-J
Registered........ ........ 1937 J-J
1st guar gold 5s___ 1937 J- J
Registered_________ 1937 J-J
Will 4 S F 1st gold 5 s.1938 J-D
Gulf & S I 1st ref Sc t g 5 s ..61952 J-J
Registered_____________61952 J -J
Val 1st cons g 4)43-1999 J-J
H ockRegistered___________1999
J-J
Col So H V 1st ext g 4s__ 1948 A-O
Col <Sc Tol 1st ex 4 s __
1955 F-A
Hous Belt & Term 1st 5 s . ..1937 J-J
Illinois Central—
1951 J-*■ 1st gold 4s______
Registered_______ **1951 J- J
1st gold 3 Hs................... Il951 J -J
Registered______
1951 J- J
Extended 1st g 3 Us ’ *1951 A-O
Registered____ .
1951 A-O
1st gold 3s sterling . *1951 Al-S
Registered_______
1951 M-S
Coll trust gold 4 s .. . . 1952 A-O
Registered_____ .
1952 A-O
1st ref 4s___
*1955 M-N
Purchased lines 3 Us
1952 J-J
L N O St Tex gold 4s ” *1953 M-N
1953 M-N
Registered__
Cairo Bridge gold 4s.........1950 J-D
Litchfield Dlv 1st g 3s* *1951 J - J
Loulsv Dlv & Termg 3 UsI953 J- J
Registered__
1953 J-J
Middle Dlv reg 5s.
*1921 F-A
Omaha Dlv 1st g 3 s . ..1*1951 F-A
St Louis Dlv do term gr 3s~ 1951 J-J
*1951 J-J
Registered___
Gold 3 Vis.......
1951 J-J
Registered___
1951 J-J
Spring Div 1st g 3 Us
1951 J-J
1951 J-J
Registered__
Western lines ls tg 4s
1951 F-A
Registered___
1951 F-A
Bellev & Car 1st 6s
1923 0
„
J-D
Carb & Shaw 1st g 4sIII*1932 Al-S
Chic St L & N O g 5s
19511 J-D
Registered__
1951 J-D
G old3% s___
* * * * * 1 9 5 1 J-D
Registered................. 1951 J-D
Memph Div ls t g 4s
1951 J-D
R egistered...
*1951 J-D
St u Sou 1st gu g 4 s
1931 M-S
Ind 111 & la 1st g 4s
1950 J - J
Int & Great Nor 1st g 6s
1919 M-N
Iowa Central 1st gold 5s***1938 J-D
Refunding gold 4s
**1951 Al-S
Franklin"***
J amestown
Clearfield 1st 4s .
1959 J-D
Sou 1st gold 33**1950 A-O
K anRCity
egistered__
* 1 9 5 0 A-O
Ref St lmpt 5 s.__ Apr* 1950 J -J
Kansas City Terml 1st 4s I960 J - J
ft YV 1st g 5s *1937 J - J
L ake2dErie
gold 5s................... *1941 J - J
North Ohio ls tg u g 5s__ 1945 A-O
Left Vail N Y 1st gu g 4 U s.1940 J - J
Registered______________1940 J - J
Lehigh Vail (Pa) cons g 4s.2003 M-N
Leh V Ter Ry 1st gu g 5s 1941 A-O
Registered____
1941 A-O
Leh V Coal Co 1st gu g 5 s" *1933 J - J
*1933 J - J
Registered.............
1st int reduced to 4 s .I ” 1933 J - J
Leh & N Y 1st guar g 4 s *1945 M-S
Registered___
**1945 M-S
El C & N 1st pref Csl
1914 A-O
Gold guar 5 s..
1914 A-O
Long Island—
1st consol gold 5s.^
ftl93l Q-J
1st consol gold 4s___ **/»i931
General gold 4s_______ .1938 5 : / )
Ferry gold 4U s___
1922 Al-S
Gold 4s............................... 1932 J-D
Untiled gold 4s________ .1949 Al-S
Debenture goid 5s______1934 J-D
Guar ref gold 4s________ 1949 Al-S
Registered..................... 1949 Al-S
N I B 4 U B 1st oon g 5s 1935 A-O
N Y & R B 1st g 5s___ 1927 M-S
Nor Sb B 1st con g gu 5s.ol932 Q-J
Louisiana St Ark 1st g 5s__ 1927 M-S
Louisville & Nashville—
General gold 6s_____
1930 J-D
Gold 5s_______
1937 M-N
Unified gold 4s____
1940 J - J
Registered.............
1940 J - J
Collateral trust gold 5s. 1931 M-N
E H St Nash 1st g 6s__ 1919 J - D
L Cln St Lex gold 4 H s...l9 3 1 M-N
N O So M 1st gold 6s___ 1930 J - J
N O St M 2d gold 0s___ 1930 J - J
Paducah & Mem dlv 4 s .. 1946 F-A
Pensacola Dlv gold 0s.._1920 M-S
St Louis Dlv 1st gold Os. 1921 M-S
2d gold 3s..................... 1980 M-S
Atl Knox & Cln Dlv 4 s..1955 M-N
Atl Knox So Nor 1st g 53.1946 J - D
Hender Bdge 1st s f g 6 s.1931 M-S
Kentucky Cent gold 43..1987 J - J
L So N So M So M 1st g 4 Hsl945 M-S
L So N-South M Joint 4 s .. 1952 J - J
Registered__________ A1952 Q-J
N Fla So S 1st gu g 5s___ 1937 F-A
N & C Bdge gen gu g 4 Via 1945 J - J
Pens So Atl 1st gu g 6s__ 1921 F-A
S & N Ala con gu g 5s__ 1936 F-A
L & Jeff Bdge Co gu g 4s__ 1945 M-S
B O N D S — C on tin u ed
on
N ext
9434 97
111 ___
121%___
123 ___
10934 11184
109%___ 112% Sep '11
92 94 92*4 Oct T2
91% 95
101 101% 101 % ion*
___ 100% 100% Sep '08
91 ___ 94% Dec '11
91% 95 96% Jan ’12
99% 100 100% Sep 'IV —
9S34 103 |
............... !
96% 90% i
99% 100% j
100*4___ 101% Sep '12 . . . . 101% 104 j
100 Sep ’ll
90 92% j
91%___ 92% Oct ’ 2
Aug'12 . . . . 89 89% j
............... 89
93% May'09
80 J’ly '09
....
*98% I I I . 9 9 % Sep ’1
95% Sep '11 ___
___ 95!
933; 10
93% 9334 9334
86% Feb '12
95 95% 95%
95%
____95% 94*4 Jan 'll
947S J'ly '12
------75% 73% J’ne'lV
83% 85% 85 Oct T2 ___
81% 85 S3 Aug'IV
102%____ 123 May'99 — 75% Aug'IV
73% 77 75% Mcb '12
73 75%
85%___ 851' Oct '1 2 . . . .
83 ___ 101% Oct ’93
100 N ov'00
83 ___
92%
4
92*8 90% 92%
9H*___
112*4___ 117% May'16
94% J’ly ‘ 12
11*3%___ 111 O c t ’ 12 ___
111 ___ i l l F e b ’ll
82 ___ 90 Oct '09
91%___
971* 1 0 0 1
95% 95% j
93 96*4
86% 86% 1
95% 99%
94's
’73%
84%
83
95
73%;
87%
83
7*5 7*5*%
75% 75% :
85%
86*4
921* 96% 1
94'% 98 j
;
11334116
j
92% 92% i
1
92*a 98* *
1003a 108% |
951*105
4 61
66% j
92% A ug’12 - —
98 J’ly 08
91 91 94 Aug'U
107 110 107 Oct ’ 12
100 Sale 100
100
63 Sale 03
63
94 May’ 12
72% 72 Oct ’ 12 ___
63 Oct '00
7
98 Sale 97%
93
90% 64
9 % Sale 90%
106*4 107% 103*4 Oct *12
___ 104 104 Sep ’ 12
101% 1061 101% J’ne’12 -■ - 104 104% !0i%
1)4%
J
1041* May’ lv
1 6% Oct T2
___ 963.
109*4___ 109% 109% is
111% Dec ’ll
110
105 107 (06% Oct '12 . . . .
9 3 3 4 ___
72
*50% IIII 93 J’ne '*12
—
94 94%;
713.; 74
961? 100%
96% 9834
10634 110
101 104%
104% 105%
104 106
1041*104%
95% 98%
109% 11 1
106% 108
*93*" *94%
101% Feb ‘ 10
103 M cb’ 12
103 io3*
109
2
109 Sale 103
93 ___ 96% Mch '12 __
91% 93 91%
9iv.
1
90% 100 98 J’ne'12 —
90 97 99% Oct '06
90 90% 90 Sep '12
___ 103% 104% Dec '08
94 95 94 Oct '12
95 Jan '11
104 ___ 110% N ov'06
102%103 103 Oct ’12
1047a*--- 105 A ug’ lV
91 9376 96 Oct '12 —
113 113% 1131* Oct ’12
110% 112% 111% Oct '12
98
67
98 Sale 97*4
96 97% 96% Sep 'IV
108 109 110 A ug’ lV
110 111% 110% Sep *12
101 ___ 10434 May’12
118% 120% 120*8 A ug’ U
114 ___ 117%Jan '12 —
90 . . . . 94 Oct ’ 12
10534 107% 105% Mch'11
___ 114 112% J'ly ’ IV
___ 71
09% Sep ’ 12
92
92 Sale 92
8
110 ___ 1121 * May’12 ___
105 ___ 106 Apr ’ll - T- 921;
92%___ 921*
4
103% 104*f, 1031* Oct ’ 12
___ 89% 90% Oct ’12 ___
80 ___ 95 Feb ’05
107%108% IO8 I4 S^p ’ ll
1003; 101% 100% Sep '12
110%___ 110% Oct '12 ___
108*4 110% 109% J’ly '12
___ 91% 91% Mch’ 12 —
109 110%
96% 96%
91% 94%
98 98
90
95%
93
97%
103 104"
105 107%
93 96 : j
U2%117%|
IIOS4 II 2 IJ
97% 99%;
961? 98%j
108% 110%j
110%111%1
104% 105 !
120%121 .
117% 117%
93% 96
U2*% 113*
69% 69*4
91% 93
112% 1121]
92 95
103% 104%)
88% 90
108% 109%,
1 0 0 % 1 0 0 %;
110% 112 |
109% 111%:
91% 91%1
Page.
Street Railways.
101% 102!' United Rys St L 1st g 4 s... 1934 J - J
84% 88%
St Louis Transit gu 5 s... 1924 A-O
7034 81% United RRs San Fr s f 4s.. 1927 A-O
51% 503.J Va Ry St Pwr lst&ref 5s... 1934 J - J
99
ioa%
Gas and E l e c t r i c L i g h !
Atlanta G L Co 1st g 5s
.1947 J - D
105 108
Bklyn U Gas 1st c o n g 5s. .1945 M-N
81 83
BulTalo Gas 1st g 5s.
.1947 A-O
70 80% Columbus Gas 1st g 5s____ .1932 J - J
97% 99
Detroit City Gas g 5s_____ .1923 J - J
Det Gas Co con 1st g 5s___ 1918 F-A
95 96% Det Edison 1st coll tr 5s__ 1933 J - J
74% 90
Bq G L N Y 1st con g 5s__ 1932 M-S
Gas & Elec Berg Co c ? 5s.. 1949 J-D
Gr Rap G L Co 1st g 5s___ 1915 F-A
82% 86!; Hudson Co Gas 1st g 5s___ 1949 Al-N
Kan Clty(Mo)Gas 1st g 5s_. 1922 A-O
83 84
65% 06
___ 96%
76 Oct ’ 12
84 Sep ’ 12
651*
651s
86 Sep ’12
76
83
64%
98
SO
8S !
70 ,
97t»'
105 ___
106 103*8 105*4 Oct '12
60 65 65 Oct ’ 12
low* 10f £
55 65%
100 100% 100 Sep ’ 1
95% Sep ’08
101% 101% 101% Oct '12
___ 106% 106% Aug'12
102 ___ 103 Sep T2
10) 101 100 Oct ’09
101%----- 106 Sep '12
98% Sep *12
.101% 1021*
10534 106%
103 103
100 101%,
104% 1
98%
•No priceFriday; laiost bidandaskedthis week, aDuoJan. 0 Due Fob. d DueApril, h DueJuly, fcDuo Aug. 0 Due Oot. * Option sale.
High
97 Sep 'll
96% 98%
114% Sep 'll __ 114 116
125
125
125 127%
136% May'OC
111% Sep 'll . . . . 111% 111%
1028
If.
’
VOL. LXXXXV.
New York Bond Record—Continued—Page 3
Price
Friday
Oct 18
T . STOCKD KXCHANGE
Week Ending Oct 18.
WccKi
Range or
Last Sals
Range
Since
Jan. 1
N.
BONDS
Y . STOCK EXCHANGE
Week Ending Oct 18.
Price
Friday
Ou 18
W ceK
R a n g e or
L a st S a te
H igh
Hid
Ask l.ow
High
Low H igh N Y C & H R— (Com —
Ask Ixno
98 .
98% 99 981.1
West Shore 1st 4s g u a r..2361 J-J
86
iTVTanlla RR— Sou llnc3 4s.l936 M-N
97% Oct 'll
*96
98
2361
J-J
Registered___________
25% Apr '09
ilVleilnan Cent Inc g 3s tr rccts.
100%J’ly ’ll
N Y Cent Lines eq tr 4 Hs 1923 J-J
Equip & coll g 5s_______ 1917 A-O
Y New Haven * Hartf—
77 Mch'10
S
Mex lnternat 1st con g 4S..1977
Non-conv deben 4s---------1955 J-J ___ 91% 91 Sep 'll
79 NovTO
S
Stamped guaranteed------ 1977
91
91
Non-conv 4s____________ 1956 M-N ___ 90-.
129 129
D ___ 125 129 Feb T2
Minn & St L 1st gold 7s___ 1921
92%
90 ___ 92%
Conv debenture 3 Hs----- 1950 J-J
11018 Aug 11
O
Pacific Ext 1st gold 6s__ 1921
128%
128<4
128
118%
Conv
debenture
6s______1948
J-J
101 105
, 1st consol gold 5s_______ 1934 M-N I " 102 102 Sep 1
99 Sep 'll
Harlem R-Pt Ches 1st 4s. 1954 M-N
597g
6978
61
65
63
65
m
s
1st and refund gold 4s___1949
99% J’ne' 11
B & N Y Air Line 1st 4s 1955 F-A
77 81
DCS M & Ft D 1st gu 4S_ _1935 j - j 76 7712 77% J’lV ’ 1
91% 92% 1)0%Sep 'll
Cent New Eng 1st gu 4s 1901 J-J
95% 9734
M StP&SSM con g 4s lnt gu.1938 j - j 9512 9634 95% Oct '12
115 A ug’ ll
Housatonlc R cons g 5 s..1937 M-N
97%
97%
97f4
J’ne'12
95
___
1st Chic Terml s f 4s____ 1941 M-N
99% Sale 9% 90%
N Y W’ches&Rlst ser I -1 Ms '46 J -J
96% 90%
965S ___ 96l4 May'12
M SS At A A 1st g 4s lnt gu 1920 J-J
N H & Derby cons cy 5s. 1918 M-N 102%___ 107 A ug'09
98% Mch 'll
J ___ 95
Mississippi Central 1st 5s..1949
New England cons 5s___ 1945 J-J
9258
97
92%
923,
92*4
Sale
D
Mo Kan <5s Texaslst gold 4sl990
99% Mch'l
Conso' 4 s ___________ 1945 J-J
80 84%
80%
2d gold 4s_____________ 01990 F-A 80 8 »s 80%
Providence Secur deb 4s. 1957 M-N 81 83% 81 Oct '12
99% 1021
99%
1st ext gold 5s_________ 1944 M-N 100 102% 9934
92% Oct '.2
92%
M
Y
0
4
V
V
ref
1st
g
4
s
...01992
M-S
77%
811
78
Sep
T2
___
77
1st & refund 4s_________ 2004 M-S
92% J’ne T;
Registered $5,000 only.01992 M-S
85% 89%
861s
86 Sale 86
Gen sinking fund 4 Ms ___ 1936 J -J
895^ Feb T2
General 4 s . ..................... 1955 J-D
76 78
78 J’ly T 2
St I.ouls Dlv 1st ref g 4S-2001 A-O ___ 78 lOl'jjSep
100
10)
99
100
Norfolk
Sou
1st
&
ref
A
5s
1901
F
A
1047S
1053g
'12
Dal & Wa 1st gu g 5s___ 1940 M-N
102%
Apr 12
1)0
103
Nort
it
South
1st
gold
5
s..1941
M-N
88
91
Sep '12
Kan C & Pao 1st g 4s___ 1990 F-A 87 . . . 106% Sep
Nort & West gen gold 6 s.. 1931 M-N 121%___ 125% J’ly '12
106%110
T2
10612
108
O
Mo K & E 1st gu g 5 s ... 1942
Improvement & ext g 6s. 1934 F-A L 2 2 12534 124% May'12
105 107%
Sep "
M K & Ok 1st guar 5 a ...1942 M-N 10334 106% 105
New River 1st gold 6s__ 1932 A-O 122%___ 124 May’12
99% 104
99% Oct '12
M K & T of T 1st gu g 5S.1942 M-S 100 10j% 1037s
97%
N & W Ry 1st cons g 4 s..1996 A-O 97 Sale 90%
10334
l„3l
Feb
'12
___
101
J-l)
Sher Sh & So 1st gu g 5 s -1943
98 Jan 11
Registered___________ 199i> A-O
1037s
Mch'
12
t03%
105%
102
104
Texas & Okla 1st gu g 5s 1943 M-S
91%
911
91%
92
Dlv’l
1st
1
&
gen
g
4
s
..1944
J-J
10478 10
Missouri Pac 1st cons g 6 s .. 1920 M-N 106 Sale 105% 106
10-25-year conv 4s___ 1932 J-D 116% Sale 115% 110%
9834 10034
100
Trust gold 5s stampcd._al917 M-S 100 Sale 9912
111% 111
116
Sale
10-20-yrconv
4s
full
pd
ret
.
97
May
12
97
97
9663
91
Registered__________ al917 M-S *98 .
Pocah C & C joint 4s. .1941 J-D 605s 9 2
96*4 10034
1st collateral gold 5s___ 1920 F-A 9714 9734 97% Oct '12
C C & T 1st guar gold 5s 1922 J-J 105-%___ 106% Mch'12
90 Sep '12
Registered____________1920 F-A
95
_
Sclo
V
it
N
E
1st
gu
s
4
s.198b
M-N
70 75%
40-year gold loan 4s_____1945 M-S 7U2 72 96io M ay'll
98% Sale 98%
Northern Pac prior 1 g 4 s .. 1997 Q-J
97%
3d 7s extended at 4 % ___ 1 9 3 8 M-N ___ 9612 87% 8734
Registered___________ 1997 Q-J
89%
69%
69%
1st & ref conv 5s_______ 1959 M-S 8712 Sale 92 Sep '12
69
09%
General
Hen
gold
3s___
a2047
Q-h
92
08 J’ly T 2
Cent l!r Ry 1st gu g 4 s . .1919 F-A 92 9212 81 May'12
Registered________ n2047 Q-F
81
Cent Ilr U P 1st g 4s___ 1948 J-D 75 .
St Paul-Duluth Dlv g 4S.1996 J-D *95*% IIII 96 Sep ’ 12
110 Mch'05
Leroy & C V A L 1st g 53.1926 J-J
101%
Oct '12
100%
.
.
.
Dul
Short
L
1st
gu
5s__
1916
M-S
9234 96
93% Oct '1 2
Pac R of Mo 1st ext g 4 s . 1938 F-A 9314 . . .
St P it N P gen gold 6 s.. 1923 F-A 113 . . . 1 14% A u g'll
2d extended gold 5s__ 1938 J -J 103l4 105 IO8 I2 M ay'll
Registered certllloates.1923 Q-F 112% ... 115% A u g'll
104l4
10412
io'
2
%
1063s
29
101%
1041
A-O
StL Ir M&S gen con g 5 s.1931
St Paul & Duluth 1st 5s_ 1931 F-A 109% . . . 107 Jan 12
Gen con stamp gu g 5 s.1931 A-O 102l2 ___ 111 Sep '0i
2d 5s________________ 1917 A-O 101% ... 102% Sep *I2
7753 82 %
81% Sale 81% 816S
Unified & ref gold 4 s ..1929 J-J
92,% 93% 94 J’n c 'l 2
1st consol gold 4s____ 1968 J-D
80
Sale
80
80
78
80
Registered_________ 1929 J-J
86%----- 91% Apr 'll
Wash
Cent 1st gold 4s__ 1948 Q-M
82% 84
83
Rlv & G Dlv 1st g 4S..1933 M-N 83 Sale 81
Nor Pac Term Co 1st g 6s..1933 J-J 1 1 1 % .... 111% Oct T2
___
100
102%Jan
TO
M-S
, Verdi V I & W 1st g 5 s . .1926
91
90% 91% 9034
Oregon-Wash
1st
&
ref
4s
.1961
J-J
117%
121
Mob & Ohio new gold 6s__ 1927 J-D 11712 Sale 117% 117%
11534 115*4 P acific Coast Co 1st g 5 s ..1946 J-D 101% 104 104 Oct T2
114% 114% 11534 Feb '12
' 1st extension gold 63__ ftl927 Q
ennsylvanla RR—
85
87%
8534
Oct
'12
81%
86%
M-S
General gold 4s_________ 1 9 3 8
1st realest g4s_________ 1923 M-N 100-%lOU 100% Oct T2
1073411()3.
10668 108% 108% A ug'12
Montgom Dlv 1st g 5s__ 1947 F
Consol gold 5s__________ 1919 M-S ___ 110 110 Mch T2
82 835s
St L & Cairo coll g 4s__ el930 Q-F 81 85% 83 Oct '12
Consol gold 4s__________ 1943 M-N 101 ___ 02% Oct T2
93%
Mch'll
Guaranteed gold 4s__ 1931 J-J
99
U97s Sale 997s
Convertible gold 3 M s __ 1912 M-N
10134 104
jVTashv Ch & St L 1st 7 s ..1931 J-J 1017s 102% 101-3 101%
97%
Convertible gold 3j^s_.ol915 J-D 97 Sale 96%
1093s 1097t
10958 Oct '12
lix 1st consol gold 5s______1928 A-O 10968 -
97 J’l y ’ 12
Registered__________ ol915 J-D
U57s
NovTO
111%___
Jasper Branch 1st g 6 s..1923 J-J
101%
101%
101%
Sale
Consol
gold
4s__________
11148 M-N
10734 10734
1()734 MchT2
McM M VV & A1 1st 6 s...1917 J-J 105 . .
Alleg Vnl gen guar g 4 s .. 1942 M-S ___ lo0% 100% Aug’ 12
T & P Branch 1st 6s____ 1917 J-J 105 ___ 113 J’ly '04
D It R R & Bge 1st gu 4sgl936 F-A 100 ..
89 92%
89 Sale 89
89
Nat Rys of Mex pr Hen 4 J^s.1957 J
Oct T2
Phlla Balt & W 1st g 4 s .. 1943 M-N 100 ..
78 86%
; Guaranteed general 4s___1977 A-O 7734 82 7 8 Oct T2
Jan '0.
Sod Bay & Sou 1st g 5s__l924 J
99 100
___ 97 99 Mch'l
Nat of Mex prior lien i M s . 1926 J
0553.
Sunbury <fc Lewis 1st g 4s 1936 J-J
77%
80
77%
Aug'12
7712
79
A-O
1st consol 4s___________ 1951
101% ♦ ay’12
U N J RR & Can gen 4 s . .1944 M-S
88% 95
,N O Mob & Chic 1st ref 5s 1960 J-J ___ 88% 89 Oct T2
Pennsylvania Co—•
N O & N E prior lien g 6s..pl915 A-O 104 10-1%
102%103 102% Oct T2
Guar
1st
g4
M
s
J-J
_________
1921
87%
*88!
’87%
Sep
’
12
___
87%
New Orleans Term 1st 4 s..1953 J-J
Registered___________ 1921 J-J 102 . . . 1015s Oct T2
19 85 881
86% 86% 80
80
N Y Central & 11 R g 3 Hs.1997 J-J
Guar 3 Ms coll trust leg.. 1937 M-S 88 ___ 80 Sep ' 12
84% 87%
84% Sep T2
85 .
Registered___________ 1997 J-J
88 Sep T2
Guar
3 Ms coll trust ser B.1941 F-A
917S
96%
92%
Debenture gold 4s_____ .1931 M-N 9134 92% 9178
Trust Co certfs gu g 3 Hs.1916 M-N 95 ___ 80 Sep '12
93 May’ R
93 93
Registered____________193 M-N
86 87% 88 Mch’ l 2
J-D
Guar
3
Hs
trust
ctfs
C__
1942
78%
85
F-A
787g
79%
78 3 Sale
Lake Shore coll g 3 M s __ 1998
8734Jan 12
Guar 3 Ms trust ctfs D__ 1944 J-D
7634 84
77 77% 7 7 % Oct T2
Registered___________ 1998 F-a
96
Guar 15-25 year g 4s___ 1931 A-O 96 ___ 90
78 821
78
Mich Cent coll gold 3 >Ss. 199.3 F-A 78__ 79 78
90 ___ 90%Dec ’ ll
M-N
Cln
Leb
&
Nor
gu
4s
g_
_
1942
7734
791
78
Sep
T2
___
77%
F-A
Registered___________ 1998
110
Jail
'05
M-N
Cl
<
S
e
Mar
1st
gu
g
4
Hs.,1935
98% 100 99% J'ne’ 12
99% 99%
Beech Creek 1st gu g 4 s ..1936 J-J
10734 Dec ’ ll
Cl <5o P gen gu g 4 %s ser A 1942 J-J 102% .
97 ___ 99 May’ l l
Registered___________ 1936 J-J
O 102%----- 109% J’ly 09
Series
B
_____________
1942
107
J-J
2d guar gold 5s_______1936
01% Feb '12
lnt reduced to 3 Ms. 1942 A-O
Registered_________ 1936 J-J
Series C 3 M s ................. 1948 M-N 90% 91% 91% May’ 12
Beech Cr Ext 1st g 3 Hs-61951 A-O
Series D 3 Hs_________ 1950 F-A 90%----- 90 May 08
88
Oct
T2
90
J-D
Cart & Ad 1st gu g 4 s ...1981
91% May’12
Erie & Pitts gu g 3 ^3 B.1940 J-J
Gouv & Oswc 1st gu g 5 s.1942 J-D 108
90% J’ly T2
Series C ______________ 1940 J -J
Moll & Mai 1st gu g 4 s...1991 M-S 95 98% 99% M ch'll
Gr R & I ex lstgu g4 Ks.1941 J-J ___ 104 104 A ug’ 12
105
Oct
'02
100
96
F-A
N J June R guar 1st 4S..1986
105 . . . 109 May'10
Pitts
Y
&
Ash
1st
cou
5s.
1927
M-N
t
Registered___________ 1986 F-A
Tol W V & O gu 4 %s A .. 1931
J 101 ___ 102% J,’no'12
89 May’ 12
8858 89
{ N Y & Harlem g 3 ^ s ...2 0 0 M-N 87% . . .
Series B 4 ^ s ________ 1933 J-J 101 ___ 100 J’ly TO
/
Registered___________ 2000 M-N
____ 95*8 95''8 Oct '12
1942
M-S
Series
C
4s.....................
( N Y A Northern 1st g 5s. 1927 A-O 106 107 108 Oct ’09
P C C & St L gu 4 Hs A . .1940 A-O 103 103% 104% J’ly T2
; N Y & Pu 1st cons gu g 4sl993 A-O ___ 96 9778 Aug ’ll
___ 100 104% J’ly T2
A-O
Series
B
guar_________
1942
Nor A Mont 1st gu g 5 s.. 1916 A-O
Series C guar................. 1942 M-N 104%___ 106 J’n e'll
( Pine Creek reg guar 6s— 1932 J-D 120% ... 1 3 1 % Jan '09
96 98% 971 - Sep T 2
M-N
Series
D
4s
guar______
1945
106*4
1
0734
106'%
Oct
T2
106%_
_
} R W & O con 1st ext 5s./il922 A-O
Series E 3 %s guar g __ 1949 F-A ___ 95 95% Sep '12
101 101
v Oswe & R 2d gu g 5s__ el915 F-A ___ 105% 101 Mch 12
Series F gu 4s g _______ 1953
D 96 ___ 97 J’ly T2
102
..
104
J’
ne’
10
M-N
R W A O T R 1st gu g 5 s.1918
Series G 4s guar______ 1957 M-N 90 98 97 J’ly T2
98%
96 9738 06 Oct T2
v Rutland 1st con g 4 >Ss-.1941 J-J
C St L & P 1st con g 5 s . .1932 A-O 109 ___ 113% Nov ’ll
80
83 84 81%Sep T2
f . OgALCham 1st gu 4s g 1948 J-J
Peo & Pek Un 1st g 6s___ 1921 Q-F 106%___ 109 May’ ll
92
J’ne'09
J
-J
,
Rut-Canad 1st gu g 43.1949
2d gold 4 M s .............
61921 M-N 91 92 9 3 % Jan T '
108 108
i St Lawr A Adlr 1st g 5 s ..1996 J-J 10734 ___ 108 Sep T:
60 60% Apr T2
119% 119% Pere Marquette— Ref 4s__ 1955 J-J
5,j58
i
2d gold 6s___________ 1996 A-O 105 ___ 119% Mch’ 12
59% 60% 5958
Refunding
guar
4s______
1955 J-J
___
100
9978
N
ov’
ll
J
-J
V Utica A BIk Rlv gu g 4s. 1922
90
98 93 Get '12
J-D
Ch
&
W
M
5
s
.
.
.
..............1921
87%
897g
83% 88%
89
f Lake Shore gold 3 M s ----- 1997 J-D 88
101
Oct
12
A-O
Flint
&
P
M
g
6
s..............
1920
87% 8834
'
Registered____________1997 J-D 803.1 873 87% J’ly '12
97% 90 Sep T
1st consol gold 5s_____1939 M-N
9134 941
93%
9 7 I0 May’ 12
Debenture gold 4s----- 1928 M-S 93% Sale 92%
A-O
Pt
Huron
Div
1st
g
5
s.1939
91% 93’%
93
; . 25-year gold 4s............. 1931 M-N 92'% Sale 92*8
Sag TUS <fc H 1st gu g 4 s .1931 F-A
92 931
92
92
{• - •
Registered_________ 1931 M-N
86 May'12
Philippine Ry 1st 30-yr s f 4 s.'37 J-J '___ 86% 113
i
Ka A A G R 1st gu C 5s.1938 J
J’l y '12
Pitts
Sh & L E 1st g 5s___ 1940 A-O
; ’ Mahon C’l RR 1st 5s..1934 J-J 110 . . . 111% Mch ’ ll
113%
Nov T
1st
consol
gold
5s_______
1943
J-J
105 105
/ Pitts A L Erie 2d g 5s..a 1928 A-O 105%___ 105 Apr T2
965s
96% Sale 9u38
O
eadlng
Co
gen
g
4s______
1997
J-J
130%
Jan
’09
121
___
j Pitts MoK A Y 1st gu 6 s.1032 J-J
9638JTy
T
LV
Registered.....................
1997
J-J
123% 123%
123% Mch’ 12
2d guaranteed 6s------- 1931 J-J 121 .
90
Oil
___
96%
A-O
Jersey Cent coll g 4s___ 1951
« - McKees A B V 1st g 63.1918 J-J
Atlan
City
gu
4s
g
...........
1951
05
.
.
.
J-J
111
111
111
Jan
T2
I Michigan Central 5s_____1931 M-S *10833 ___
8i*% Oct T2
873S . . .
Jo & Gr Isl 1st g 4s____ 1947 J-J
119 J’ne’06
S tt Louis
V.
Registered--------------1931
& San Francisco—
98 98
98 A p r’ 12
i l 4 s ...................................1940
General gold C s________ 1931 J-J 11 SI2 1 2 0 118 % Sep T
98%
N
ov'11
1'
Registered_________ 1940 J-J
General gold 5s_________ 1931 J-J IOI63 100 1045s 1016;
90 J’n e’OS
1’
J L A S 1st gold 3HS--1951 M-S
St L & S F RR cons g 4 s .1996 J-J
82 8 ! 84% Allg'l
86% 86%
86% Mch’ 12
8:1
r
1st gold 3 Ms.......... ...1 952 M-N
Gen 15-20 yr 5s........... 1927 iM-N 84 Sale 84
88%
92
88%
Aug'12
I* 20-year debenture 4 s ..1929 A-O ___ 89%
Southw
Dlv
1st
g
5
s..
1947
1
00
___ 99% Sep ’ 1
A-O
97% 1005S
97%
97*8___ 97%
\ N Y Chic A St L 1st g 4 s.1937 A-O
77%
7738 Sale 771.1
Refunding g 4s_______ 1951 J-J
99
9934
9934
Mch’
l
2
A-O
i'
Registered____________1937
80% Mch’ ll
Registered_________ 1951 J -J ___
83 91
83
r
Debenture 4s_________ 1931 M-N 88 Sale 83
£
W
Range
Since
Jan.
1
1. I
Low
H igh
98% 101 |
97 98%
91
92 |
91
93%
90
945j
12773 132%
99
99%;
99% 99%
90% 935*
114
98
115 I
100%;
991ol()0
Si 84
92 96
92% 921*1
895s 89%:
99 100%:
102% 1023*
1233s 125%’
124 1263s
124 124
90% 997g
91% 04 I
107% 118
108 117 !
90 94 !
10638 lOOSg
U5 98%
9733 100%
97% 99%
68% 70%
68 68 •
95% 90%
100 101%
111% 115%
107 107
ll)238 1023f
9234 94 j
iff
iiii
89% 92%
103% 104 |
100 102 !
108
110 j
101 104 '
99% 100%
96:>8 977a
97 97%
101 104%:
9963 1 0 0 %
99 102%
101 101%
I021o 104 j
10158 103 1
88% 89%
88 89
97% 98%'
88 88%
8734 87*4
96 98%
91% 91%
91% 91%
91% 91%
90% 90%
104 105
10134 102%
9533 955a
104% 106*4'
10434 107
97
93%
97
97
99
9568
97
«9 !
f>0*4 60*4
5238 54
98 995a
104 108*a
96 100 ,
97% 97%
‘ 84*% 86 *i
113 113%
96 98*4
96*3 98%
91% 98%
86
" *89%
118%1195a
t0 !% 108%
81% 8 8 %
13% 8 8 %'
9934 y934,
77% 81*4
M I S C E L L A N E O U S B O N D S — Con tin ued on Next Page.
Qas and Electric Li gh t
Kings Co El L & P g 5s------1937 A-O
Purchase money6s______ 1997 A-O
c. Convertible deb 6s______ 1922 M-S
t rEd El II Bkn 1st con g 4 s.1939 J - J
Dae Gas L of St L 1st g 5s..«1919 Q-F
Ref and ext 1st g 5a_____ 1934 A-O
Milwaukee Gas L 1st 4s____1927 M-N
Newark Con Gas g 5s______ 1948 J-D
N Y G E L H & P g 5s____1948 J-D
Purchase money g 4s____1949 F-A
i, Ed El 111 1st cons g 5 s...1995 J - J
Y&
El L&P 1st cong 53.1930 F-A
P Y &QRich
Gas 1st e 5 s ...1921 M-N
aclflc G & El Co Cal G & E
1 Corp unifying & ref 5 s..1937 M-N
fc>ac Pow & Lt 1st & ref 20-yr
, 5s lnternat Series........... 1930 F-A
pat & Passaic G & E 5s------ 1949 M-S
Gas an d Electric Light
104% 105% Peo Gas & C 1st con g 6s___1943 A-O
Refunding gold 5s______ 1947 M-S
115 117
Registered______
1947 M-S
Ch G-L & Cke lstg u g as. 1937 J - J
Con G Co of Ch 1st gu g 5s 1936 J - D
101% 103*
Ind Nat Gas & OH 30-yr 5s '36 M-N
100*4 102
Mu Fuel Gas 1st gu g 5s..1947 M-N
89% 905S
Registered------------------1947 M-N
106% 106%
I025g 104% Philadelphia Co conv 5s___1919 F-A
86% 89% Stan Gas& Elec conv sf Gs.. 1926 J-D
112% 113% Syracuse Lighting 1st g 5s. 1951 J-D
10J 102% Syracuse L & P 5s-------------1951 J-J
Trenton G & E ls t g 5s____ 1949 M-S
Union Elec L & P 1st g o s .. 1932 M-S
Ref & ext 5s___________ 1933 M-N
953s 60 94 96*8
93*4 Sale 95
(Jtlca El L & P ls tg os____ 1950 J - J
Utica Gas & E ref 5s______ 1957 J - J
2 93 95
95
95 Sale 93%
102%103 10258 J’ly T2 — 102*3 102*3 Westchester LIght’g g 5s___1950 J - D
1
10 Us
___ 1 0 1 % 10473
1
115
i n 11553 115
123 ___
___ 8 8 % 83%Dee ’ ll
102
___ 102% 102% ***i
101% 11
1 0 1 % 1 0 1 % 101
6
90%
90 90% 90
101
___ 106% Apr T2
2
102% 101
1 0 2 % 101
8/3.1 19
8734 83 871->
113% Mch’ l 2
ioo * 1 0 1 %
92% J’ly ’09
117
.-117 117
ioi 101% 01% 1.1%
103 Feb *09
Oct T2
Iof% io-% 02b>
___ 103% 01% Oct '12
82 89 93 Mch’ 12
101% Aug '12
. 108 109 " Feb T2
100% Sale 1)1,% 1 >(.%
100%___ 101 D e c ’ ll
85% J’nc’ 12
P 2% . . . 10!) Feb '01
100 . . . 10.)% Aug 'll
9 % ----- 97 J’ly T2
103 ___
99 ----- 100% Dec ’ ll
10431 1017 105 O c t ’ U
116% 117%
1003.11021j
102*1,1 104*%
101% 103%'
93 93
10058 101%
109
101
85% 86
100%101
06% 98%
104*3 105*4
. No prlceFriday; latest bidandasked, a DueJan. 6Due Feb. e Due May. 0 Due June. ADueJuly. 0 Due Oct. pDue Nov. j Option sale.
Y STOCK^EXCHANGE
Week Eruling Oct 18.
Interes
Period
N.
1023
New York Bond Record—Concluded—Page 4
O c t . !!) 1912.]
Price
Friday
Ou 18
Week’s
Range or
Last Salt
is
OCO
33
Range
Since
Jan. 1
N
BONDS
Y. STOCK EXCHANGE
Week Ending Oct 18.
=3*
Pries
Friday
Oct 18
IVeeKs
Ramie or
Last Sals
Range
Sines
Jan. 1.
High
High
Bid
Ask Low
Hid
As* (jyw
High No. l.ow High
St L & San Fran (Con)
104% 1077*
105%
.1939 M-N 105*4 Sale 105
L15 118
}
\A7abash
1st gold 5s.
K C Ft S & M con g 6 s..1028 M-N 113% 1153a 115% J’ly '12
96 100%
99%
2d void
gold 5s
5s_________ .1939 F-A 99 99% 99
2 77 80% »*
78*.i
K 0 Ft S As M Ry let g 4S.1930 A-O 783,, sale 78%
00 J’n c’ i2
90 100
Debenture Series B____1939 J-J
77l-> J’ly '12 — - 77% 77%
Registered------- --------- 19” „ A-O
98%100 '
1st lien equip s fd g 5s__ 1921 M- S *99 " 1111 98% Sep ’ 12
103% 1031
K C # M R & Ii 1st gu 5 s . 1929 A-O 97%___ 103% J’ly T2
80 ___ 83 Dec TO
1st Hen 50-yr g term 4 s . .1954 J-J
2 99 100
91
Ozark As On C 1st gu 5s g-1912 A-O 99 99% 99
68
68%
55% 72**
68%
Sale
1st
ref
and
ext
g
4
s
..........
1956
1
J
-J
89*3
92%
89%
895M-N
89%
89*,
St L S W 1st g 4s bd ctts. . 1989
60
C6
64% 71
6 4 % 07
Cent '1 rust Co etfs________
3 80 83
311 Sale 80
80%
2d g 4s Inc bond ctts___ pl989 J-J
66 Sep T2
64% 693i
Do Stamped__________
80% 18 78% 841;
Consol gold 4s--------------- 1932 J-D 8 OI4 iSale 80
65%
Oct
T2
59%
70 :
64
67
Equit
Tr
st
Co
ctts.........
10
U
.
101% Apr '07
Gray’s Pt Ter 1st gu g 5s. 1947 J-D
65%
60% 69*8
64% Sale 61
Do Stamped...................
lie 87%
80*8 Sale Ht%
8 *8 " ' I
3 A Ac A Pass 1st gu g 4s__ 1943 J-J
10/
100 107%
Det Ac Ch Ext 1st g 5 s...1941 J-J 107 ___ 107
104 Oct '09
8 F & N P 1st sink f g 5 s..1919 J-J
94 81)
79 80% 80 A ug’ 12
Des Moln Dlv 1st g 4s
1939 J-J
1 80% 87*s
Seaboard Air Line g 4s___ 1950 A-O ';6%----- 8 Is
86%
70 Sep T2
68% 7134
70
Om Dlv 1st g 3 Hs
. .1941 A-O
20 86 90
Gold 4s stamped________ 1950 A-O 8 6 ‘ 8 8 6 % 80^8
72% 83%
Tol A: Ch Dlv 1st g 4 s
1911 M-S 80 8434 80% J’ly T2
Registered______________1950 A-O - - - Sep TV
30% 39%
"33 ’ l’ 5% *84% ) 7?ab Pitts Term 1st g 4s. 1954 J-D 30 35% 30%
Adjustment 5s________ ol949 F-A 76 Sale 7 5 %
77
3 :;%
29?3 4 3 % •
32% Sale 32%
Cent A: Old Cot Tr Co certfs-.
2 10% 63
Refunding 4s........ .......... 1959 A-O ----- 78'. 16%
79
33%
33%
30
41%
___
30
Columbia
Tr
Co
ctfs
.
87
90
Atl-Dlrm 30-yr 1st g 4s.cl933 M-S ------87
88 J’ly ’ 12
2d gold 4s............._
1 9 5 4 J-D
1
3
1
3% 3 Oct *12
92% 93%
90 .
93% Apr T2
Car Cent 1st con g 4s___ 1940 J-J
l's 3%
2%
Trust Co certfs..
2% Sale 2%
103 M ay'll
. Fla Cen Ac Pen 1st g 5s__ 1918 J-J 103%
87%
Oct
'11
83
___
i
o
T
I
o
T
v
F-A
104 May’ i2
.
1st land gr ext g 5s____ 1930 J-J 104
97% 97%
1st 40-yr guar 4s__ _____ 1 9 4 5 F-A 97%___ 97% Mch T2
107 107
107 J’nc'i2
i
Consol gold 5s_________ 1943 J-J
85%
853S 88%!
A-O 85*8 Sale 8i%
105*4 iC'7'% J
. Ga & Ala Ry 1st con 5s_ol945 J-J ----- ICG 103 Sep ’ ll
105
108*110!.%
10,.%
103
106%
J
-J
104% 106% *
10i% Sep TV
Ga Car & No 1st gu g 53.1929 J-J 104
86 Oct T2
86 88%'
Gen gold 4s_____________ 1 9 4 3 A-O ___ 86
105 i0S%
Seab Ac ltoa 1st 5s______1926 J -J ----- 100% 105 May’12
34 Feb '07
Income 5s____________ di043 Nov
Southern Pacific Co— .
1 0 1 % 1 0 5 %:
2r 83 92% V1’heeling & L E 1st g 5s___1926 A-O 101%___ 101%Oct ’ .2
881
'• Gold 4s (Cent Pac coll).fcl940 J-D 83% Sale 88*s
Wheel Dlv 1st gold 5s___1928 J -J 10,)% 104 102% N ov’ ll
91 91
91
J'ly t
; Registered___________ fcl940 J-D ----- 91
102
J’no'10
Exteu
A
c
Imp
gold
5s____
1930
L0%
101
F-A
155
9
i%
97
93
20-year conv 4s________ 01920 M-S 9 Sale 91%
82% 85*2;
84%
RR 1st consol 4s_______ 1949 M-S 83% 85% 84
28 94 97
951
Cent Pac 1st ret gu g 4 s . .1949 F-A 95 Sale 95
98% Feb ’ ll
20-year equip s f 5s___1922
J
94% 941;
04% J'ly '1
/>• Registered ..............
1049 F-A 93
91%
‘ 93 ' !
91%
Sep
'12
89%
91
J
-J
90%
91%
V
90% 90!
I
, Mort guar gold 3 t$s_.lcl929 J-D ------91
01 93*8;
91*4 92% 01%
92
J -J
89 92% \
Through St L 1st gu 48.1954 A-O 90% 92 89 Sep '1
90% 0 2 %
SupAcDul dlv A: term 1st 4s ’36 M-N 00% 00 91 Oct '12
105%107
10512
J'ne'l
----1051
G H & S A M A o P 1st 5s. 1031 M-N
102% 104%
Gila V G & N 1st gu g 5 s.1924 M-N - - - - 10J12 1 0 2 % J'ly T
Manufacturing and Industrial
104 105
105 Aug’ l
Hous E Ac W T 1st g 5s..1933 M-N 103
61 63 61 Oct TO
62 67%
J-J
104% 104% A
104% May'l
1st guar 5s red_______ 1933 M-N 103
61 Sale 58%
57% 64 .
61
Trust Co ctfs deposit__
109% 110
II & T C 1st g 5s Int gu._1937 J -J 109% V 10J% Sep '1
101% Sale 101
101%
1007s 1 0 2 *4 :
94 95!; A
44 Aug T
■■ Gen gold 4s Int guar..1921 A-O 93% 35
06% 98% .
96*4
97
9(2%
Oct
'1 2
m
Cot
Oil
ext
4
_______1915
'
Waco Ac N W dlv lstg 6s ’30 Al-N 114 n s 119% Men T ___
94
92% 95%:
92% Sale 92%
Debenture 5s___________1931
. . 107% 107%
A Ac N W 1st gu g 5s___ 1941 J -J ----- 106 1 0 7 % Feb Ti
100% 101% 101% 101%
98% 101%
111%
111%
;
in.%
Aug
'it
109%
Morgan's La Ac T 1st 7 s ..1918 A-O
76
72% 82 .
___ 77% 75
J
1st gold 6s___________ 1920 J -J 106 ■ " 111 Mch’ ll ‘ Ill
1 0 2 % 103 j
105% Sale 1051s 105*g
112
F e b '07 . .
No ot Cal guar g 5s______1938 A-O
99% 101 1
___ 100% 100 Oct ’ 12
..1915
...............
I
101
...
102
J ’ly 'U
Ore & Cal 1st guar g 5 s..1927 J -J
925* 95 1
93% 94% 94 J'ly T2
116 May’07 ___ ...............
• So Pac ot Cal— Gu g 5 s. 1937 M-N 108
11S7S121%
129%
120 Sale 120
91% 91%
«° . . . I 9 1 % Sep ’ ll
1187j 121%
•So Pac Coast 1st gu 4s g.1937 J -J
120% Oct ’ 12
Registered______________1944
2
88% 92
San Fran Terml 1st 4 s . .1950 A-O 89% Sale 89%,
•,187s 121%
119% Sep T2
Certificates ot deposit___ _
Tex Ac N O con gold 5 s __ 1043 J-J 100% 1 il 101% 1— -■ ___
917* 97% 1
95% Oct '12
------- 96%
Gold 4 s..............................1951
»334 sale 93% 93 0 10, 93% 95*8
8o Pac RR 1st ret 4s______1955 J -J
92% 05%
05% J’ne’12
Registered___________
1951
Southern—
917g 96 :
95%
May’
12
Certificates of deposit..
1061, 1 64 105% 108*8
1st consol g 5 s _________ 1994 J -J 100 106% 103
88% «1JJ
90%
-J 80 90% 90
105 Sep T
/■ Registered___________ 1994 J-J
102%104
,
103
Sep
T
2
___
103%
•N
8 7*8 79%
78
Develop Ac gen 4s Ser A . 1956 A-O 78% Sale 18*8
0 3 1 -.1 0 2
!
9G%
J S6% Sale 96
12 85 87%
Mob & Ohio coll tr g 4 s . .1938 M-S 8512 Sale 85 „ 85’
91% 96%
95%
95%
95*4
Sale
•
O
H)8%
___
107%
Oct
’
ll
107*8
111
Mem Dlv 1st g 4 )*-5s._. 1096 J -J
91%
97
9578
Oct
T2
___
98%
A
8J1.
8i% Sale 87%
1 8,% 90%
■ St Louis dlv 1st g 4s____ 1951 J-J
77 N ov’07
Registered_____________ 1951
•A
10 ,% Sep T
105% 105%
Ala Ccn R 1st g 6s........... 1018 J -J 105%
95% 97 i
96%
•N 96*4 Sale 96*4
83 " I I g0% Nov’ l * * "
■Atl Ac Danv 1st g 4s____ 1948 J-J
94 96%
95
95
94%
95
1st
25-year
s
f
5s________1934
■
N
___ 82% 82%
81% . . .
.• 2d 4s.............................. 1048 J-J
96 97% .
97 Oct T
-O ____ 97
Atl Ac Yad 1st g guar 4 s..1949 A-O 84%
71*8 78%
73
73%
73%
73%
o
l
.
.
103%
105*4 Deo '1
■ Col Ac Grecnv 1st 6s_____ 1916 J-J
847S 92%
90
90%
89
91
■
D
5 106% 108%
■E T Va Ac Ga Dlv g 5s__ 1930 J-J 100% Sale 1116% 10 12
82 84 ;
79% 83% J'n e’12
■A
1091,111%
109%
1097
4
6
19%
109
.
■ Con 1st gold 5s______1956 M-N
153% 182 I
182
Sep
T2
•
1)
*180
10-yr
g
deb
5s__________
1917
104%
105% 106
105% J’ly ’ 1;
(• E Ten reorllen g 5s____ 1038 M-S
98% 1007s
99
09%
99%
Sale
64 041?
04 Aug ’ 1‘
, •Ga Midland 1st 3s___________ 1946A-O63%
89% 92%
00%
90% Sale 90%
2 ___ I ll 1127S
109 ‘
Ga Pac Ry 1st g 6s___________1022J-J
101*8 ;
100%
101%
101
Sale
Knox Ac Ohio 1st g 6 s...1025 J-J iizi2 ___ U4 j;no i 2 ___ 114 115
104% *
103
Oct
T
2
103
103%
. •Mob A: Blr prior lien g 5 s . 1945 J-J 105%___ 105% N ov’ l ) ___
84% 917*1
89
89 89% 89
Consol conv s f g 5s____ 1935
76
78 Deo ’ 11 __
v» Mortgage gold 4s____ 1945 J01%
93%;
92
Oct
T2
91%
92
102*4 105% P 2
102
1 [(12 104%
1 - Rich Ac Dan con g 6s___ 191 5 J - 97% 1
97%
9<% Sale 97%
2 . 104 104% ackaw Steel 1st g 5s___ ,..1923
;
Deb 5s stamped______ 1927 A-O
82%
82%
82%
Sale
______
1950
1st
con
5s
Series
A
2
..
82!*i
73
73
: Rich Ac Meek 1st g 4s____ 1948 M-N
73 1
90% 95%!
95%
95% Sale 95%
5-year convertible 5s___ 1915
2 102% 104
So Car & Ga 1st g 5s____ 1919 M-N U)2% Sale 102% * 103
118% 123 5
120% Sale 120% 120%
lgg Ac Myers Tob Co7s tpy
0
h Virginia Mid ser C 6s____ 1916 M-S 10334 ___
89*4 99%
96%
97
96%
Sale
5s
temporary
bonds___
1
\i ■Series D 4-5s_________ 1921 M-S 103%___
- 103%
103% Sale 102% 103%
2
. 105% 105*4
>>• •Series E 5s___________ 1926 M-S 103%___
„„ 94%
93% 91% 93 Oct T 2
0 ___
Series F 5s___________ 1931 M-S 101%___ 105
89%
893i!
89%
Sep
T2
87
92%
107% 1*1)8% National Tube 1st 5s rccts.1952
' General 5s___________ 1936 M-N 106% 108%
99% 2., 99 101%
99% Sale 99%
, . Va As So’w’ t 1st gu 5s.2003 J-J 108 1091'
i
io?%
101 Sale 101
6 95 07%
1st cons 50-year 5 s..1958 A-O 91*4 95
120% Sale 120% 120%
2
00 931• P Lorlllard Co 7s tera’pry bds
W O Ac W 1st cy gu 4s__ 1924 F-A
94 ___
48 91% 09%
97
5s temporary bouds______
96% Sale 96%
2 ___ 103 103%
•West N C 1st con g 6s__ 1914 J-J 102 ___ 103
2 97 98%:
98%
98%
___ 9,%
Ry
Steel
Spgs
1st
s
f
5s___
1921
1 ...
Spokane Internat 1st g 5s 1955 J-J ___ 103
103%___
103%
Oct
T2
.
.
. . 102/8 104
Repub
I
&
S
IstAccol
tr
5
s
.
.1934
2
103%105
rper A ot St L 1st g 4 Hs._1030 A-O 103 105%
90% Oil
93**;
92% ,■ rnt.
92% Sale 91%
10-30-year 5s s f________ 1940
2 1 . . . 110% 112%
X 1st con gold 5s__ 1894-1944 F-A
107% 11H 111
89% 9.) 89% Oct '12
86 89%
2
.. 1)4 96
Gen refund s t g 4s...........1953 J-J ___ 95
94%
102%
100
%
Sale
100%
100%
33
The
Texas
Co
conv
deb
6s..1931
St L M Bge Ter gu g 5 s..1930 A-O 105 107
— . 2 ... 106% 1071- Union Bag Ac Paper 1st 5s. .1930
92 94%
92 93% 92 Oct T2
2 106% 110%
Tox Ao Pac 1st gold 5s____ 2000 J-D 107% 108% 107% 10718
92*4 94%
___ 93 92% Oct TV
Stam ped_______________1930
49% 50
2d gold Inc 5s 1________ ij2000 Mch 45 55 'm7100% 102
100% 101% 100% Oct T2
U S Lcath Co s f deb g 6s__ 1913
1 II”
La Dlv B L 1st g 5s____ 1931 J-J
6 87% 91
89
89
89
90
U
S
Realty
&
I
conv
deb
g
5s.’24
4
___
W Min W Ac N W 1st gu 5s.'30 F-A
— 60
32%
1 30
25 35 32%
1 105% 109% U S Red Ac Refg 1st g 6s__ 1931
106
Tol & O C 1st g 5S............... 1935 J-J 106 107 106
103% 40 103 105
103% Sale 103
2 ___ 107% 107% U S Rubber 10-yr coll tr 63.1918
Western Dlv 1st g 5s___ 1935 A-O 105%___
103%
Jan
TO
Registered______________1918
2
..
103
101
General gold 5s_________ 1935 J-D 103% 104%
U S Steel Corp—/c o u p __ dl963
102% Sale 101% 102% 424 101*i 104%
2 . . . 91% 93
Kan As M 1st gu g 4s___ 1990 A-O
91*4___
’il 101*8 104
101*1 102%
S f 10-60-yr 5 s (r e g ___ dl963
0.
] 97% 991'■ 2d 20-year 5s_________ 1927 J-J ___ 98% 08%
97*4 101 ,
Va-Car
Chem
1st
15-yr
5s..1923
97% Sale 977s
98%
2
___
93%
9I7S
90 93%
Tol P Ac W 1st gold 4s.........1917 J-J
25 100% 103%:
100% Sale 100% 101
2 ..
84 87% West Electric 1st 5s Dec 1922
83% 85
Tol St L Ac W pr lien g 3 Ks.1925 J-J
94% Sale 94*8
94% "" 93 96 1
60 09*8 Westlnghouso E & M s f 5s. 1931
60-year gold 4s_________ 1950 A-O 61 Sale
4
(
96% 98
10-year coll tr notes 5s..1917
96% 07 97 Oct T2
Oct 2 .
08 73%
Coll tr 4s g Ser A _______ 1917 F-A 70 71
89% 90%
2 ....
Tor Ham Ac Bull 1 st g 4s._/il940 J-D 89 89%
Telegraph & Telephone
2 . .. 101% 106
103%
101
lster
A
c
Del
1st
con
g
5 s . .1928 J-D
U 1st refund g 4s_______ 1952 A-O
89 91%
89%
89% Sale 80*3
2 ___ 85% 80% Am Telep Ac Tel coll tr 4 s .. 1929 J -J
108*4 116*1
Convertible 4s__________ 1936 M-S 113% Sale 112% 113%
Union Pacific—
1st FIR & land grantg4s.l917 J-J 100% Sale 09% ,
% 77 987* 1021., Chicago Telephone 1st 5 s..1923 J-D
82% 82>*
80 85% 82% Mch’ 12
98% 101% Commercial Cable 1st g 4s.2397 Q-J
2 ...
Registered______________1947 J-J
99%___ 99% <
83% Nov 'll
Registered______________2397 Q-J
% 3D 1011, 101
20-year conv 4s________ 1927 J - j 102% Sale 102%
82 85
85 A ug’ 12
85 . . .
% 2 U53s 97% Keystone Telephone 1st 5s. 1935 J-J
1st Ac ref 4s___________ 02008 M-S 95% 05% 05*8
102 103
01% 96% Metropol Tel Ac Tel 1st s f 5s 1918 M-N 101 103 102% Sep T2
Ore Ry Ac Nav con g 4 s ..1046 J-D 93 93*8 93%
097S 101
100
1h2 .. s 111 113% Mich State Telep 1st 5s___ 1924 F-A 99 100% 100
Ore Short Line 1st g Os 1922 F-A 111% 112% 111%<
103% May’ll
N Y Ac N J Telephone 5s g.1920 M-N
108% 112
%
1st consol g 5s.........— 1040 J- J 103% 108% 105%
98 1007*
98%
% 41 91% 95% N Y Telep 1st Ac gen s f 4 Ks 1939 M-N 98% Sale 98
■ Guar refund 4s_______ 1929 J-l) 92% Sale 92%
987s 101%
99%
9o% Sale 99*8
Pac Tel A: Tel 1st 5s............. 1937 J-J
U ...
• Utah & Nor gold 5s__ 1926 J-J 105%___
99 100
99
99%
99
Sale
South
Bell
Tel
AcT
ls
ts
f
5
S
.1
9
4
1
J-J
90
09
1st extended 4 s ______1933 J-J
100% 103%
101
12 . . .
96*8 96*s West Union col tr cur 5s__ 1938 J-J 101 Sale 101
94 ___
andalla
cons
g
4s
Ser
A
.1955
F-A
90% 100%
V Consol 4s Series B____1957 M-N ___ 94%
2 ...
Fd and real est g 4 h s __ 1950 M-N 96% 96% 96% Oct T2
92% 97%
104 J’neTl
Mut Un Tel gu ext 5s__ 1941 M-N
9134 94
Vera Cruz Ac P 1st gu 4H s.l934 J -J ___ 94
91 ___ 90% J’ne'12 ___ 95 96%
Northwest Te1 gu 4 Hs g_1934 J-J
b & .m
MISCELLANEOUS BONDS—Concluded.
Miscellaneous
Coal Ac Iron
82% 88%
Adams Ex coll tr g 4s____ 1948 M-S 83 85 83 Oet T2
Bull Ac Susq Iron s f 5s___ 1932 J-D 07 ___ 97 J’ly '12 . . . . 07 98
91*8 **15 90% 92%]
Armour
A
c Co 1st real est 4 %|s ’39 J-D 91*8 Sale 91%
1 Debenture 5s__________ al926 M-S
85 ___ 91 N ov’ll
8834 92 1
98% 100*8 Bush Terminal 1st 4s______ 1952 A-O 86% 90 90 Oct T2
Col F Ac I Co gen s f g 5s----- 1943 F-A 99 ___ 98% Sep T 2
97 99
Consol 5s_______________ 1955 J-J ____97*3 97 A ug’ 12
107% 107%
Col Fuel gen 6s.......... — 191J M-N 108 103% 107% J’ne’ 12
172*8 **34 110 180 |
84% **46 72% 85% Chino Copper 1st conv 6s..1921 J -J 165 175 105
Col Indus 1st Ac coll 5s gu._1934 F-A 81% Sale 83%
Irrigation Wks Ac D of A 4 44 s ’43 M-N ___ 95 93% N ov’ ll
Cons Ind Coal Me 1st 5s— 1935 J-D ____ 84% 85 J’ n o'll
£6 104% 110%
110 Sale 109% n o
Inspir Cous Cop 1st 6 s irects, -93 94
Cons Coal of Md 1st Ac ref 5 s 1950 J-D ------- 937g 93 Oct T2
66*8 80 63 70
Int Mercan Marine 4 Hs----1922 A-O 66*8 Sale 65%
Or Rlv Coal A: C 1st g 0S..M919 A-O 93% 90 102*8 Apr ’01]
5 78 82%
78%
78 79 7834
97% 98% Int Navigation 1st s f 5s— 1929 F-A
98 Oct T2
97% . . .
Kan Ac II C Ac O 1st s f g 58.1951 J-J
89 A p r’ ll
85 88 86 Sep ’ R
81% 89% Mge Bond (N Y) ser 2-4s— 1966 A-O
Pocah Con Collier 1st s f 5 s . 1957 J-J
89% 897*
90 89% A ug'12
80 82 80 Sep T2
79% 84% Morris Ac Co 1st 8 f 4 Hs----- 1939 J-J
St L Rock Mt A: P 1st 5S...1955 J-J
81 86%
5 101*8 103% N Y Dock 50-yr 1st g 4 s . ..1951 F-A *80 * 81 81 Oct T2 ii 100%
*renn Coal gen 5s_____ ...1951 J-J 101% 101% 101% 101*f
1017*
10178
J’ne'12
J-J
100%
102
103%
103% 104%
Blrm Dlv 1st consol 6 s..1917 J-J
A-O
102% 104
I Tenn Dlv 1st g 6 s . . . __ al917 A-O 102 103
92*% 94%
9434
Sep
'iv
M-N
91
__
103%
110
J-D
1 Call C M Co 1st gu g 6s..1922
92-% 29 92*8 94%
A-O 92% Sale 02%
Utah Fuel 1st g 5s____ ...1931 M-S
13 112 130
128% 123% 125
Ray Cons Coppor lstconv 6s 1921 J - J
85*4 85%
Victor Fuel 1st s f 5 s ..___ 1953 J-J
1 85% 86
104
May'12
— 1027* 104
102
J
-J
—
97%
97%
M-S
94%
98%
2
Va Iron Coal Ac Coke l*tg 581949
•No prioo Friday/ latest bid and asked aDuoJaa dDue April «Due May flDuo June hDuo July fcDue Aug oDueOot dDueNov <zUuo Deo lOptlon
i03<r
CHICAGO STOCK EXCHANGE— Stock Record.
STOC1CS-- a IOUK ST AMD
Saturday
Oct. 12.
Tuesday
Oct. 15.
Monday
Oct. 14.
♦30 32
92
♦89
♦84
90
22% 223.,
*81” 91,
3<i • 33,|
*22
25
♦38 42
9
9
♦49 51
45% 46L
1231” 1231;
*400 ___
*130 138
60
60
*1021” 104
11312 1131"
5812 5912
>*
0
3
D
o
u
30
*89
*84
223,
9
4
*22
*38
*9
*49
LOWEST
Wednesday
Oct. 16.
32
32i2
92 *89
90 *85
23% 2314
9
*8%
4
*3
25
23
42
9% *9
51
*49
SALE
321” *32
92
95
Last
25L 2434
91.j *81”
4
*3
23
23
91”
51
TRICES
Thursday
Oct. 17.
Friday
Oct. 18.
35
*32
35
92t2 Ailg'12
Sal 90 “ Sep’ l263. 25% '26,
914
*8% . 9%
412 *3
4%
23
9
9
Last Sale 51
Sales
of the
Week
Shares.
Eailroads
51 Chicago Elev Rys com __
2,50.
,0C
20C
'if
31
Sep’ 12
461,, 45% 457s 45% 45%
1241” *1231” 1241” 122% 122%
Last Sain 405 July’ 12
___
135 Aug’ 12
138
5914 5 9 I4
60
60
60
Last Sale 1021” Oct’ 12
101
1431” *143 14312 *143 143%
65
60
00t2 60
59
47 Apr’ 12
89
92
88
89
89
89
89
89 \ 89
89
Last Sale 57 Oct’ 12
*55
58 *55
*55
58
58
541” 5412 54% 54i|
5312 543. Ml, 5512 54's 55
142 May’ 12
213 213
*211 215 *211 215 211 212 *211 215
138 138
1393,1 140 *13733 139
138 138% 138 138
__
20
20
*1512 16 *151” 16 *1812 19
87
87
1063.1 107 ! 107 107I2 107 107
108 108
107 108
*9812 984s *981” 98% 9812 9812 *981” 9 8 % 98% 98%
*701” 711” *7012 711” *70% 71%
*711” 72
701” 71
J22 J22
122 122
* . . . 72
*136 138 *136 138 *136 138 *131 135
131 131%
*123 124 *123 124 *123 124 *123 121
123 123
1 10 130
*1291” 131 *1291” 131 *12912 131 *12912 131
♦11919 120 *119lo 120 *1191” 120
120 Oct’ 12
6
4
3
.1
643.1
*6412 65^2 *641$ 65I2 *641” 651”
.60 May* 12
*9112 ----- *911” ___ *91I2 ___ *91% J--*91t2
121 121
12o% 121
119 1*914 1191” 1207$ 12034 121
__
87
87
*85
87
87
87
*85
87
% May’ 12
*96 100 *98 100 *96 100
100 100
100 100
Last Sale 1001” Oct’ 12
*101 102 *101 102 *101 102
20814 2091” 20912 210 20934 211 21012 211% 210 210%
Last Sale 123 Oct’12
*123 1231, *123 12314 *123 1231,1
*4U” 42
*4U4 42
♦41U 42
*4112 421.-. 44% 45
*94
95
*94
*94
95
95
Last Sale 97% Aug’ 12
10012 1067f! 1061” 1067s 1061” 1067s 1063,3 1007s 106% 106%
*340 350 *340 350 *340 350
Last Sale 355 Oct’ 12
108 108 *107 108
108 108
108 108
108 108
199 200
199l2 2021” 200 200
199 200
200% 200%
412 May’ l l
*U4 11? *U4 112 *U4 1>2 Last Sale 1% Oct’ 12
77% 771* 77% 78% 7818 79% 787S 79% 78'8 79%
*9
10
*9
10
*9
10
Last Sale 10 Oct’ 12
4G% 46% 4573
124 *1231”
___ *400
*130
60
60
60
*1021” 104 *1021”
*143 1431” *140
59
*5812 60
12334
860
350
*400
670
50
775
1.667
707
Interest
period
Trice
Friday.
Oct. 18
Eld.
Week's
Range or
Tjast Sale.
Ask Low.
Range lor Year 1912
Range lor Previous
Year 1911
Lowest.
Lowest
Highest
7 Dec
38 Nov
47 Oct 11
126 Sep lu
406 J’ly 2
9 Jan
76% Jan
165 Jan
12% May
93 Dec
301 Oct
61 Oct 1
104i,i J’ne2u
1987s Mch 1.
661” May'.'2
48 Nov
106% Sep
131% Aug
3j Apr
79 Feb
113 May
152% J’na
69% Moh
50 P..clilc Gas lc El Co____
Do
righ ts________
Do
preferred_____
485 People’s Gas L&Coke.lOO
45 Pub Serv of No 111 com.
Do r ig h ts__________
99
Do preferred__ ____
Rumely Co, preferred___
1.84 Sears-Rocbuok c o m ..100
Do pret_______ ..100
300 Studebaker Corp c o m ...
Do preferred________
813 Swift & Co.................. 100
The Quaker Oats Co..100
70 Do pret__________ 100
592 Unlou Carbide Co_______
Do
rights _______
Unit Box Bd & P C o .100
1.125 United States Steel com .
Western Stone______100
95 J’ne 6
65% May l.»
55% Oct 15
184 "Jan 4 222 J’ ne 26
Jan 4 150 Mch ,
10 Feb 13 20 Oct 1.
87 Oct 17 87 Oct 1,
103 J’ly 5 11134 Feb 0
08 Oct 2 102% Mch 8
66 Jan 2 73% Sep 23
Feb 14
67
May i
1.31 J’ly 26 161 Apr 36
123 Oct 18 130% May28
103 Mch ., 135 Sep 24
115 Feb 11
z 61 J'ly 2
z.60 May 3 Z.G5 Apr 23
1
1 3 5 I4
103% Jan 1 122% Oct 9
84 May 2,. X Oil” Apr 24
21 J’ly
85 J’ly
SO Apr
20% May
8 May
4% Mch
15 Sep
Highest.
30 Aug 23 40 Apr 24
90 May27 93% Jan 20
85 J’ly l 101-%Jan Is
221” Oct 11 38 Jan 9
11 Jan 12
6 J’nel.i
573 Jan 13
3 Oet 1
14% Aug
25 Sep 27
40 Oct 1C
6 Mch2b 117{j Apr lu
55 Jan 30 52 J’ne2o
11% Jan 2
91 Feb 1
325 Feb 1
131 Jan l i
45
Aug ;
100 Feb (
139 Jan 11
39 Mch 14
431? Feb 2ft
Lo 1st p re f..
77 “ Mch 14
Cal * Chic Canal & u 100 49 Feb 9
.Alio Pneumatic T ool. 100 44 Mch 15
-’55 .National Biscuit____ 100
100 Do pret________ ..100
3o National Caroon_____100
32 Do*
101 Aa*
377s Deo
12% Au*
7% Au*
25 Feb
721•. Feb
13% Feb
833S Deo
60 Sep
49% Apr
62 Feb
39% Sep
55% Feb
14 Uj NOV
151% Jan 180 ‘ Dec
113 Jan 137% J’ly
03, Oct
153;; J’ne
78 Jan
78 Jan
92% Feb 110% Nov
100 Sep 10334 Deo
497S Sep
70 Jan
99% Sep 129 May
117% Jan
12J Jan
100 Aug
117 Sep
142% Deo
130 Alch
120 Mch
120 Mch
ibi
108% Jan
Sep
zlOO Mays. Zl07% A Dr 24
140” Jain 5
121% Jan 11
30% J’ly Is
94% J’ly is
9834 Jan 2
215 Jan 16
105% Jan 2
x 135% May S
c 3% May 8
% May 2
5S% Feb 1.3
9 Sep 39
221 ” Sep 9
.Jan
122 Moll
123% Sep
116 Sep
19234
07% Aug 7
109% Apr 4
355 Oct 9
110 Jan 16
202% Oct 15
97% Sep
166 Mcb
102% Feb
101 J’ne
212 Deo
107% J’ly
17s Jan 18
80% Sep 30
14.. Feb 7
1 Dec
60% Oct
13 Dec
7 Jan
817„ Feb
25 Jan
Chicago Banirs and Trust Companies
b'ds
Sold
Range
for
Year 1912
High No. Lotc.
High
91 Apr’ 12 ___ x91
Am Tel & Tel coll 43..1929 J - J __ _ „ __
91
90% Oct’ l 2 ___
Armour & Co 4 Hs__ 1939 J - 1) ___ ___
90% 92%
Auto Eleo 1st M 6s__ 1928 ____ --- - —
82% Apr’ 12 ___ X82% 82%
___
Cal Gas & El unlf&rct 3s’37 M - N —
98% May’ 12
£96ls 96*3
Chicago City Ky 5s— 1927 F - A { 1 0 1 % Sale 1017S 102
14 IOI34 103
CUloGlty&ConRys 5s.dl927 A - O 1 8 6
87
86
Oct'12
86
91%
Chicago Elev Ry 5 s..1914 J - J { 97% Sale 97%
9,%
1
973g 99
Chic Pne Tool 1st 5s.al921 J —J __ W
92 Oct’12
90
95
Chicago Rys 5s______ 1927 F - A 9973 Sale 99% 100
41 99% 101%
Chlo Rys 5s.-series "A " A - O { - - - - 95% 95% Sep’ 12
95% 97
98% Jan’ 12 __
Chlo Rys 4s_series "A ” A - O __ _ __ _
96% 973g
85
Chlo Rys 4s_.series “ B” J - D 85 Sale 81%
12
84% 91%
95
94 June’ 12 u
9334 95%
Chlo Rys 4s..series " C {J - A
Chlo Rys coll 6s__ 1913 F - A ___ •iVJ- 100 Jan’ 12
100
100
Chlo Ry Pr m M g 4s.c’97 J - J t 70% 723* 71% Sep’ 12
70
85
50
48
48
1
Chlo Ry Adj Inc 4s.cl927 May 1 { 47
45
60
90 100% 103%
Chicago Telephone 5s. 1923 J - D 1007(j Sale 1007g 101
__ 97% Oct'12 ___
973g 993g
Cicero Gas Co ref G At. 1932 J - J
20
1 0 2 % 1033.1
Commonw-Edlson 5s. 1943 iH - S 1 1027$ Sale 1 0 2 g 101
102% Juiy’12 ___ 102% 1033,
Commonw Elec 5s.h 1943 M - S
5 99% 10l3g
Cudahy Pack 1st M 5s.1924 M - N { 101 % 1 0 1 % 1 0 1 % 1 0 1 %
Dta Match Con db 6 s..1920
t — - 10J% 107% Oct’ l 2 __ _ 107 110%
___
X99% 993.1
9934 Apr’ 12 ___
Gen Mot 6% 1st L notes'15 A - O
Ind Steel 1st g 5s____1952 M -N —
. . . . 1 0 1 % May’ 12 . . . . z l 0 1 % 1 0 1 %
Do
1st g 6s___ 1928
Int Har 3-yr 5% g notes '15 F - A { 100 % 1 0 0 -% 100-% May’ 12 ___ z ! 0 0 % 1 0 0 %
Inl'd St’ l Is M g 6 s..1928 —
—
—
105% Apr’ 12 — xl05% 105%
Kan City Ry & Light
Co 5s..................... ..1913 At - N
!
Oct’12
89
94%
Lako St El— 1st 5s__ 1928 .J - J { - - - - 8 8
8
Sep’ 12
87% 90
Metr VV Side El 1st 4 s .1938 F - A 807S Sale 8 JI4
807g
•i 8034 8534
Extension g 4s_____1938 J - J { - - - - 80
79 Sep’12
79
83
Mil El Ry & Lt 1st g 5sl926 F - A ___ ___ 101% Apr112
zl04% 1017g
do re* & ext 4HS.1931 J - J
___
95 Apr’ 12
Z95 95
do gen & ref 5s__ 1951 J - D
Mllw Gas Lt 1st g 4s_1927 M - N ___ ___
90% May’ i2
X89% 90%
Morris & Co 4 Hs_____1939 J - J { — - 8 8 % 8 8 % Oct’12 _UJ 8 8 % 90%
Nat Tube 1st g 5s___ 1952 At - N ___ ...... 1003., May’ 12
Zl0034 101%
Nor Shore El 1st g 5 s.1922 A - O { 1027a ___ 103% Apr’ 12
xl03% 103%
do 1st & ref g 5 s . .1940 A - O {100-'% 1007g 1003g Apr’ 12 ___ zl00% 1003s
Nor Sh Gas o. Ill 1st 5s ’37 F - A __ „ ___
95% Sep’ 12 ___ z95% 97%
North West El 1st 4 s .1911 M - S __ _ __ . 100% July’ 12
100% 100%
N W G L & Coke Co 5s 1928 Q -M t 99% ___ 100% Aug’ 12 ___
9934' 100%
Ogden Gas 5s............... 1945 At - N { 97
97% 97%
97%
1
95% 99
Pas Gas & El ref g 5 s.1942 J - J ___ ___
92 May’ 12 ___ 191% 92%
PaoT&T 1st coll tr 53.1937 J - J
___ 100 May’ 12 ___ zlOO 100%
Pearsons-Taft 5s_____1916 J - D 98% ___ 100% Meh’09 ..... ___ ___
4.40s _________________ M - S 95
96% Mch’ 10
4.60s Series E_________ M - N 96 ___
97 Fcb’ 10 ___
4.80s‘ Series F_________ M -N
....
97% mm'mm 98% Nov’ 11
Peop Gas L & C 1st 6 s.1943 A - O { - - - - 117
115% Scp’ 12 ___ 115% 118%
Refunding gold 5 s..1947 M - S 101% Sale 1 0 1 % 1 0 1 % 22 10034 102%
Chlo Gas L&C 1st 5s 1937 J - J { . . . . 103% 103% JUly’ 12 ___ 10234 10334
Consum Gas 1st 5s. 1936 J - D { . . . . 1 0 1 % 101% Sep’ 12 ___ 101% 103
Mut’ l Fuel Gas Ist5sl947 M -N { 1 0 0 % 1 0 2
101
1 0 1 % ___
100*34 101%
Pub Serv Co 1st ref g 5s '56
9734 38 zg634 too
{ 987S 97% 97%
Sou Bell T & T 1st sf 5s '41 J - J
-- - 100% May’ 12 ___ zlOO 100%
South Side Elev 4 Ms.1924 J - J { — - 94
93 Oct’ 12
92% 96%
Swift & Co 1st g 5 s.. 1914 J - J { 99% —
6 100 10034
100%
100%
Tri-City Ry & Lt coll
trust lien s f 5s__ ^.1923 A - O
98% Apr’ 12
z9S
98%
Union Eleo (Loop) 5 s .1945 A - ()
85
89
U S Gypsum 1st g 5 s..1922 M - S
100 May’ 12 ___ Z997g 101)
U S Steel 10-60-yr s f g 5s..
102% Apr’ 12
Zl02% 1023»
Western Eleo Co 5s__ 1922 J - J 1007S Sale 1007(4 100% 10 10034 103
Nolo— Accrued Interest
must be added t 0 all Chicago bon d prices.
Chlo Rys part ctf “ 1” __
Jhlc Rys part ctf "2 ” __
5hlc Rys part ctf “ 3” . . .
Chic Rys part ctf “ 4” __
Kansas City Ry & Lt.100
Do pref__________ ion
Streets W Stable C L.100
Do pref_______
100
mi seel aneons
American Can__
100
Do pref______
100
American Radiator 100
l.o prel._ _
100
Amer Shipbuilding...100
Do pret.................1 0 0
Amer Telep & Teleg . _
Booth Fisheries com
125 ..hlcago Title & Trust.100
72 . Common w’th-Edison. 100
50 Corn Prod Ref Co com __
25
151 Diamond Match_____100
55 Hart Shailner & Marx pf.
8i Illinois Brio.!__ ____ ioo
106
igo Bond Record
BONDS
CHICAGO STOCK
EXCHANGE
Week ending Oct. 18.
STOCKS
CHICAGO STOCK
EXCHANGE
NAME
American S ta te_______
Calumet National______
Cont'tal & Comm N at..
Corn Exchango National
Douglas State_________
Drexel State__________
Drovers’ Dep National.
Eng cwood State______
First National_________
First Nat Englewood__
Foreman Bros B’lc’g Co.
Fort Dearborn National
Hibernian Banking Assn
Kaspar State Bank___
Lake View State______
La Salle St National__
Lawndale State_______
Live Stock Exch’ge Nat
Mech. & Traders State.
Nat Bank of Republic. _
National City_________
National P roduce_____
North Avenue State__
North Side State Sav’gs
North West S ta te_____
People’s Stk Yds State.
Second Security_______
Security______________
South Chicago Savings.
South Side State______
State Bank of Chicago..
Stock Yards Savings__
Union Bank of Chicago.
Washington Park N a t..
Wendell State_________
Central Tr Co of 111__
Chic City Bk & Tr C o..
Chicago Sav Bank & Tr
Chicago Title & T ru st..
Citizens Trust & Savings
Colonial Trust & Savings
Cont & Comm Tr & Sav
Drovers Trust & Sav__
First Trust & Savings..
Ft Dearborn Tr&SavBk
Franklin Tr & Sav Bank
GreenebaumSonsBk&Tr
Guarantee Trust & Sav.
Harris Trust & Savings.
Home Bank & Trust__
Illinois Trust & Savings
Kenwood Trust & Sav.
Lake View Trust & Sav.
Mercantile Tr. & S a v ..
Merchants’ Loan&Tr Co
Michigan Ave Trust Co.
Mid-City Tr & Sav Bank
Northern Trust Co_____
North-Western T r* Sav
Old Colony Tr & Sav Bk
People’s Tr & Sav Bank
Pullman Trust & S a v ..
Sheridan Tr & Sav Bank
Standard Tr & Savings.
Stockmen’s Trust & Sav
Union Trust Co__ ____
West Side Tr &Sav Bk.
Woodlawn Tr & Sav Bk
Outstand
ing
Stock.
Surplus
and
Profits.
U)
({)
$200,000
100.000
21,500,000
3,000,006
200,000
200,000
600,000
200,000
10,000,000
150,000
1,000,000
2,000,000
1,500,000
400 000
200.000
1,000,000
200,000
1,250,000
200,000
2,000,000
2,000,000
250,000
200,000
50,000
200,000
600,000
200,000
400,000
200,000
200,000
1,500,000
250,000
500,000
100,000
50,000
4,500,000
500.000
1,000,000
5,600,000
50,000
600,000
3,000,000
200,000
5,000,000
250,000
200.000
1,500,000
200,000
1,500.000
300,000
5,000,000
200,000
200.000
250,000
3,000,000
200,000
500,000
1,500,000
250.000
200,000
500,000
300,000
200,000
1,000,000
200,000
1,200,000
400,000
200,000
Dividend Record.
In
1910.
In
Per
1911. iod.
La3t Tald,
%
$179,779
Oct ’ 12, 1M
0
6
60,879
An Jan ’ l l , 6
9,107.950
10 Q-J let ’12, 2H
6,051,259 10
16 Q-J Oct ’ 12,4
3,371 Beg. 1) us May .11 T l,V.92,pl538
75,791
8
6
Q-J .ict ’ 12, 1H
487.124 10
10 Q-J Oct ’12, 2H
57.633
<)
OH Q-J Oct ’ 12, 2
11.723,927 12
12 Q-M Oct '12 4M
12 Q-.M 5ep30’12 2H
210,063 10
541,178 Frlv ate Ba ak
680,779
8
8 Q-J Oct ’ 12, 2
1,539,807 8+ 2
(11)
(11) Q-J
151,769 10+15 10
J-J July '12, 6
2,312 Beg. b us Apr 8'11 V.92,p. 1004
282,618 Beg 1) us. Ma y ’ KI V.90,p. 1277
38,614 Org D ec. 16 1911
654,910 10
10 Q-M Oct '12, 2H
55,235 lleg. b us.A 'g 20’ 1 2 V 95,p 593
1,374,189
8
8
Q-J Sept 30’ 12. 2
606,680
6
0
Q-J Oct '12, IH
103,076
4
6 Q-J Oct ’12, IH
78,134
7
OH
Q-J Oct '12, 1M
46,071
0
0 Q-J Oct '12, IH
4
44,751
5 Q-J Oct ’ 12, IH
0-4,848
7
9H Q-J Oct ’ 12, 2H
7,193 Beg. 1) us Nov l ’ ll V.93,p. 1235
1G0,022
SO Q-J Oct ’ 12, IH
4H
8
110,000
Q-J Oct '12, 2
7 'A
0
6
16,971
Q-J Oct ’ 12, IH
12 Q-J Oct '12, 3
2,327,129 12
8
8 Q-M Sep30 ’ 12, 3
225,110
0 M-N May '12, 3
0
159,315
6
0 Q-J Oct ’ 12, 2
12,091
25,431 None None Q-M lJcc31'08.1H
8 Q-J Oct '12 2
1,959,874
7H
J-J July’12, 5
10
322,860 10
6 Q-J Oct ’ 12. IH
0
257,318
8 Q-J Oct '12, 2
<2,271,355
7H
10 Q-J Oct ’ 12, 3
6
16,510
477,377 8+2 8 + 2 Q-J Sep30’12 2H
1.542,325
8
167,774
8H Q-J Oct ’ 12, 2H
10 Q-.M Dec 30’ 11,4
2,177,116 12
3,336 Beg. b us Apr i ’ ll V. 92. p 929
54.806 Beg. b us Apr 8'12 V.94, p 1030
208,457 ___
2H Q-J Oct ’ 12. 2H
___ J- J July ’ 12, 3
40,391 ___
2,107,466 11+ 5
12 Q-J Oot ’ 12, 3
72.483 Beg b us Apr 10’ 1 1V.92,pl004
0,026,950 16+ 4 10+ 4
? Oct ’ 12, 4
77,463 7+ 1H
7
Q-J 8op30’12,l%
5H
0 Q-J Sep30’ 12,l%
64,714
38,901 Beg. b us. J’ly l ’ 12 • V. 94 ,p,484
15 Q-J Oct ’ 12,4
6,649,802 12
64.759 Beg. b us Oct 29’ 1 0V.91,pl221
75,843 Com b us Apr 10’ 1 IV.92.P1004
8 Q-J •Sep 30 ’ 1 2.2
8
2,734,557
0
8
127,611
J-J Jno 29 ‘ 12,4
50,601 Beg. b us J’ne I ’ ll V.92,p. 1537
___ Q-J Oct '12,2
190,297 __ _
8
273,541
8 Q-J Oct ’ 12, 2
___ Q-J Oot ' 1 2 , IK
43,030 ___
880.453 Comm enced bua Sept 0 1910
40,209
6H
0
J-J July'12, 3
1,455.633 48+2 8+2 Q-M Sept 30 '12, 2
98,190
0
8+2 Q-M Oct ’ 12, 2
80,840
7H
9H Q-J Oct ’ 12, 2K
THE CHRONICLE
O c t . 19 1912.]
Yolume of business at Stock Exchanges
TRANSACTION3 AT THE NEW YORK. STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY
S to ck s
Week ending
Oct. 18 1912.
R a ilr o a d ,
etc ,
S h a res
P a r v a lu e.
601.875 $54,703,750
626.018 40,094,300
516,403 47,000,300
606.504 46,423,900
455,431 42,238,100
HOLIDAY
$2,212,000
1,997,000
1,531,000
1,392,500
1,144,000
ending Oct. 18.
W eek
1912.
1911.
R onds
$62,000
58,000
94,500
48,500
47 *u00
Total.................... 2,6(,6,291 $236,510,350
Sales at
New York Slock
Exchange.
u s.
S ta te
R onds.
R on d s.
S3.0.000
$1,000
*1,000
Jan. 1 to Oct. 18
1912.
1911.
Stocks—No. shares...
2,606,291
99,161,047
2,911,673
104,052,870
$236,510,350 $266,251,500 $9,400,312,825 $8,930,030,225
838,900
Bank shares, par__ _
$1,472,700
$1,200
8672,000
Ronds.
Government bonds...
RR. and mlse. bonds..
Total bonds______
$17,000
910,500
15,488,500
$1,092,000
22,614,000
552,036,009
$3,215,500
83,654,400
600,826,500
$S,887,500| $10,416,000
$575,742,000
$687,690,400
$1,000
310,000
8 ,5 / 0 ,5 0 0
DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
EXCHANGES
Boston.
Week ending
Oct. 18 1912.
Listed
shares
Unlisted
shares.
Philadelphia.
Bond
sales.
Listed
sdares.
Monday____ ______
Tuesday__________
Wednesday________
Thursday . . . . . . . . . .
Friday____________
20,021
14.981
13,518
10,574
13,424
15,295
10,428
10,799
10,950
5,7/0
$28,000
17.000
65.000
58.000
31.000
DAY . . .
12,963
13,501
10,630
19,234
12,17o
Total.'..................
72,518
63,217
$189,000
$68,506
Unlisted
shares.
7,699
5,377
6,808
3,555
15,126
Bond
sales.
$51,800
37,600
38.200
50,800
6 1 .2 0 0
38,5651 $229,600
Inactive and Unlisted Securities
All bond prices are now “and Interest" except where marked "f "
Street Railways—(Con.I
Bid
Ask
Rid Ask Union Uy Gaa & El com. 100
Street Railways
53 54i2
Preferred..................100
89ig UOU
New York City
United Lt & Rys com.. 100 77
82
BUsck Bt A Fill Fy stk. 100 21
26
First preferred...........100
84 86
1st mtge 4s 1950........J-J
70
Second preferred........100
74 70
B'y A 7th Ave stk........loo 170 180 United Rys 01 St L— .
2d mtge 6 s 1914....... J&J 99% 1 0 0 % Com vot tr ctfs......... 100
14
Broadway Surface RR—
e Preierred................ IOU
41% 4134
1st 6 * 1924.............. J&J 10212 1033.1 Wash lty & El Co......... IOU 893.1 901S
10
Cent Crosstown stock..lUo
Preferred...........
IOU 0 H4 93
4s 1951....................J-D 837g 85
1st mtge 6s 1922___ M-N 105
10
Oen Pk N & E Uiv stock. 100
West Penn Tr&Wat Pow 1UU 30 4. JliJIV
Obrtstopher&lUth Bt stk luo 125 137
Preferred ................ lOu ____ 8212
Electric, Gas & Power Cos
Dry Dook K B A B—
New York City
1st gold 6 s 1932......... J-D lOOt.! 101 %
Scrip 6 s 1914........... F-A J 30 45 Cent Un Gas 6 s 1927___ J-J 1011 ? 103
Eighth Avenue stook__ 10U 310 320 e Kings Co El L& P Co.. 100 130% 132
Scrip 69 1914.............F-A / 99 101 New Amsterdam Gas—
I2d A Or Bt Fy stook... 100 2 6 0 285
1st consol 6 s 1918.. .J-J 10012 10212
42d Bt M * Bt N A ve... 100
N Y & E R Gas 1st 5s'44 J-J 103 105
1st 6a 1910.............. M-S / 99
Consol 5s 1945......... J-J
100
100
103
2nd loo 6 b Jan 1 1915___ / 78
e N Y Mutual Gas L___ 100 165 180
Ninth Avenue stock___ 100 160 180 N Y & Q El L & Pow Co. 100 50 58
Second Avenue stook. ..100
1
Preferred.................. 100 73
3
77
Consol 6 a 1948 ctfs..F-A ! 37 41 N Y & Richmond Gas__ 100 53 65
4 Sixth Avenue stook__ 100 115 126 North'n Ua 1st Os 1927 M-N 100 102
_
Sou Boulev 6 s 1946____ J-J 88
93 Standard Gas L com___100 60
So Fer 1st 6 s 1919........A-O 90 95
Preferred.................. 100 95
Tarry WP & M 6 s '28..M&S 1 75 80
1st 6 a 1930.............. Al-N 103 100
28 & 29th Sts 6 s *96 ctfs A-O 1 20
28
Other Cities.
Twenty-third Bt stock..loo 250 275 Am Gas & Eleo com....... 60 *90 92
Union lty 1st 6 s 1942..F-A 104 107
Preferred....................50 *48 4934
Westchester 1st 6 s '43.J-J 93 97 Am Lt & Trao com____ IOU Cl33 438
Yonkers Bt HR 6 s 1948. A-O 88
95
Preferred.................. 100 rlu8 % 110
Brooklyn
Amer Power & Lt com..100 0 7 70
Atlan Ave 11R con 6 s '31A-0 102 ll)3i s Preferred......... ..... 100 8512 8 OI4
B U A W E os 1933___ A-O 97 101 Bay State Gas____
50
%
*3jj
Brooklyn City R R __ _ ..10 102 105 Buffalo City Gas stook.. 100
3% 6 I4
Bklyn Hgta 1st 6 s 1941. A-O luo 103 Cities Service Co com
100 119 123
Coney Isi & Bklyn.....100 101 105
Preferred.........
luo 89; UU2
85 Columbia Gas & Eleo__ lou
1st cons g 41 1948___ J-J 80
101 ? 1634
1st 5s 1927 .............. J-J 763.J
Con g 4a 1955 . ...J-J
77 82
Brk 0 A N 5s 1939...J-J 99 101 Con Gas of N J 6 s 1936 J-J 98 '
Consumers’ L H & Pow—
J-D 100
1st 6 s 1944...............A-O 10212 10312 5s 1938...............
Consumers Power (Minn.) —
N Winsburg A Flatbush—
95
lst&ref 5s l929op'14.M-N 8912 92
1st 4 44s July 1941..F&A 02
Btelnway 1st 6 s 1922__ J-J 100 101 Denver G & El 63 1949.A1-N 9512 9612
Elizabeth Gas Lt Co
.100 325
Other Cities
Buffalo Street Ry—
Essex & Hudson Gas__ 100 137 110
1st consol 6 s 1931
F-A 104 105 Gas & El Bergen Co___ IOU 87 89
Deb (is 1917..
A-G ion? ___ Gr't West Pow 6 s 1946..J-J 8 SI4 8 9 I4
3 Hudson County Gas.. 100 135 138
eChlcago Union 'Tract com..
2%
ePreferred .
6
8
Indiana Lighting Co___ 100 40 44
Com'w’ltb Pow Ry A L .I 66 69 0 0 l2 4s 1958 opt........... F-A 70 72
Preferred__
100
91 93 Indianapolis Gas___
60 38 46
<Conn Ry & Ltg com..100 77% 791? 1st g 5s 1952..
A-O 87 90
« Preferred
100
79 82 Jackson Gas 5s g 1937 A-O 99 102
Federal Light & irao
100 37 39 aLaclede Gas preferred. 101. 99 103
Preferred . . .
inu 84
Madison Gas Os 1926 A-O 104
< Havana Elec Ry L&p loo 85 87 Narragan (Prov) El Co 60 *9714 99
e Preierred___
mu 9612 98 Newark Gas 6 s Apr'44 Q-J 121
* Loulsv Bt 6 s 1930
j -j 105 I0512 Newark Consol Gas
100 90
* New Orl ltys & Lt com 100
38 No Hud U U P 5 s 1938 A-O 100
e Preferred.......
mu 7512 7012 Paclllc Gas & E com.. 100 65 65%
Pul) Scrv Corp of N J — Nee Stk K x list
Preferred........... .
iou 0312 91
Tr otts 2% to 0% perpet 108 1U912 Pat & Pas Gas & Eleo.. 100 91
95
North Jersey Bt lty..luo 80
St Joseph Gas 6 s 1937 .J-J 90 94
1st 4s 1948......... M-N
79 81 Standard Gas & Elec (Del) .50 *23
2334
Cons Tract of N J . . . . 1 0 0
75l2 7612 Preferred................ , . 6 u *5014 50%
1st 5s 1933........ J-D 101 1041? United Electrlo of N J..10U 90 95
New'k Pass Ry 5s '30.J-J 107 108 C 1st g 4s 1949.............J-D 8 2 I4 8314
Rapid Iran St Uy___ 100 235
Western Power com___ 100 2 0
28
1st 6 s 1921...........A O 103 106
Preferred.................. lou
54 551?
JC Hob*Pat 4s 1949 M-N 78% 79 Western States OasAEleo—
Bo J Gas El & Trao. ..100 129 133
1st * ref g 5s 1941 op.J-D
92l2 95
Gu g 6 s 1953....... M-B 00>2 10U12 telegraph and telephone
No Hud Co Uy 6 s 1914 J-J 101 1011 , a Amer Teleg & Cable... 100 66
72
Con M 6 s 1928....... J-J 102 lOlilo a Central & South Amer. 100 110 120
Ext 5s 1924......... M-N 98 ___ Coinm'l Un Tel(N Y )__26 108 115
Pat lty con 6a 1931. .J-D 112
Empire A Bay State Tel. 100 65 75
2d 60 1914 opt___ A-O 100 ___ Franklin ......................100 40 60
Rapubllo Ry * Light...100 27
281 ? a Gold * Stock Teleg. . . 1 0 0
118 124
Preferred..................100 81 83 « Northwestern Teleg....60 116 123
Tennessee Ry L&P com.100 2 i% 2 li4 Paclllc & Atlantia......... 25
68
74
78 80 « Pao Tclep * Teleg prel.100 100 IOH4
Preferred ................100
Trent P & H 5e 1943...J-D 97
99 Southern A Atlantlo....... 25 02
95
* Per share a And accrued dividend.
V Ex-rights, s Includes all new stock db
preceding page.
1031
Ferry Companies
Bid,
B A N Y 1st 63 1911.
J-J 95
N Y A E It Ferry stock. lOi
8
1st os 1922........... M-N 50
N Y & Hob 5s May '46. J-D 9.)
Hob Fy 1st 5sl946..M-N 104
N Y & N J os 1940___ J-J 98
lOtb A 23d Sts Ferry ..lou 25
1st mtge 5s 1919
J 1) 55
Union Ferry stock..
IOU 15
1st 5s 192J___
M-N 92
Ask
A sk
Indus) and M.sceil— (' or.) R id
46
Amer Typefounders com.lUi
Preferred................... lui 162
Deb g (is 1030............Ai-.\ luo 102
__ Amer
4
Writing Paper___ 10,
31At! oulf.v iv Iss i.ines.S’eeii
S tkT . x lis t
Barney A Smith Car com 10,
15
25
•55 1 Preferred...................loo
100
Go Buss (E Wi Co com....... &.
75 85
Preferred.... ................,r>, 120 125
17
96 Bond & Mtge G uar___ TO, 2 9 0 .00
Borden s Cond MPk com’ lO, 119 121
Short-Term Notes
Preferred ................... lui 108 111
Amal Copper 6 s 1913 A-O 99’ 1001 . British Coi Copper Co___ ■ *43
5
Balt A Ohio 4)4s 1913 J-D 991, 99 Casein Co of Amer com.. 10.
1 2
Bklyn Rap Tr os PJl.S(w 1)
46
96li 06
Preferred__________ lot. 4 0
Ches & Ohio 4 H* 1914 J-D 98 M 99% Casualty Co of America Hli 110 120
Chic A Alton 5s 1913 M-S 99 100 Ceuuioid Co...................ill. 140 142
Chic Elev Rys 5s 1914 J-J 9712 98 City Investing C o.."*. 10.
45
47
Oln Ham A D 4s 1913 J-J OS'! 99%
Preferred ........ . ” _.10v 100 101
Erie 6a April 8 1914..A-OS 99-n 1 0 0 % s ClalUn (H B) Co com.. 10,
85
90
Coll 5s Oct 1 1914
A-O 99l.i 9 12
a 1st preferred........... 1 0 ^ 86 91
Coll 5s April 1 1915 A-G 98
93%
8? 92
a 2d preferred___ II .IlOo
Gen’l Afotors Gs'15—See N Y StkEx list. Consoi Car Heating” ."luu 7 8
84
Hudson Companies—
Consoi Rubber Tire.1.110,
11 14
63 Feb l 1913
F-A 991- 100
59
Preferred...................lou 5 0
63 Oct 16 1913 . AAO 16
UU14
00
Debenture 4s 195V” A-u foO
111 Cent 41$s 1914 ..J&J 99%
1S% 1S3|,
a Crucible Steel com___ loo
lnt A Gt Nor 5s 1914 F-A 9714 9/%
e Preferred.................loo 9 6 % 9 7 %
Inter Harvester 5s '15.F&A 99-8 10014 Davls-Daiy Copper Co__II
23S
•2%
K C Ry A Lt 6 s 1912.. M-S t . . . .
(’Diamond Alalcu—Nee Chic S t k E x li s t .
Minn A St L g 5s 1913 F-A U61*> 03 duPont ( I) do Nem Pow 100 195 2 06
Mo Kan A Tex 5s 1913.Al-N 99% 9938
e Preferred___
loo 9 8
Missouri Paclllc 5s 1914 J-D
O.i'h
Gold 4><,s '30—Nee N*Y st k E x lis t .
Nat Rys of Alex 4Hs '13.J-D 9a% 99U Emerson-Brantiugiiam 100 7434 7 5 %
e N Y C Lines Eq 5s 1912-22 b 4.6U 4.35
Preferred .....
lot 299 3 4 1 6 0 %
4Hs Jan 1913-1925...J-J b 4.GO 4.35 Empire Steel A Iron com 100
6 10
4 HS Jan 1J13-1927 J-J b 4.6U 4.35
Preferred................... loo 42
45
N Y Cent 4^s 1914___ M-s 99% 9938 e General Chemical com 100
205
St L A S F 5s 1913 opt J-D 99
99%
e Preferred..
lo U O 1 14
6 s Sept 1 1914 opt__AI- 8
99 100
Goodrich (B F) Co—Nee'N Y S t k E x list
South Ry g 5s 1913... F-A 9934 100
Greene-Cananea—See Bos at k E x li s t .
Wabash 4A$s 1913.. M-N 95 99 * Hackensack Water Co—
Westlngh'se El A 11 os 1913 IOOI4 U)034
lief g 4s 52 op 1912.. J-J 8 5
871*
5% notcsOet’17—See NY Stk E X list Havana Tobacco Co___ 100
5
7
14
9
Preferred ___
*100
Railroad
64
1st g 5s June 1 1922 ” j-D 1 6 0
e Chic A Alton com
100 18l2 23 Hecker-Jones-Jeweli M"lliln0
e Preferred........
lou
1st Os 1922 .. .
M-o 102 104
40
e Chic St P AI & cm
iou 133 138 Herring-Hall-Marvln . 100 10 20
e Preferred.........
iou 150 160 Hoboken Land & Improved
e Colo & South com
100 39 41
1st 5s Nov 1930 . . M-N 10334 1041*
e 1 st preferred___
luu 72
76 Hocking Val Products.. 100
5
8
e 2 d preferred .
iou 6 6 % 70
1st g 5s 1901 .
j-j
55
58
(N Y Chlo & St L com ..100
59 Houston Oil—See Balt s’tk E x lis t .
a 1 st preferred..........lo o 104 UO e Ingersoli-Hand com. . .1 0 0 1 05 _%
a 2 d preferred...
lou 8 6
90
e Preferred................. lOo 9 5
Northern Securities Stubs
105 110
Intercontln Rub "co"m""lOU 11% 13
Pitta Bess A Lake Erie..50 *30 35 Internal Banking Col 1*100 87
92
Preferred....................60 *0 1 .0 U4 International Nickel... 1100 l 131 133
3 Railroad Securities Co—
Preferred.............
iou 1 0 5 % 1071*
83l4 85 International Salt__ IIIlOO
111 C stk tr otts Ser A ...
52
West Pac 1st 5s 1933..M-S 8212 83%
1st g 6s 1951........."." A-u 1 4 9
International Sliver com lOo 135 145
Standard Oil Stocks
Preferred___
loo 134 1 3 7 1
Anglo-American Oil....... £1 *19
21
1st os 1948.............._*J-D 110 111
Atlantlo Refining......... 100 610 620 Internat Smelt & Heig. to 123 128
Uorne-Scrymser Co. . . IOU 2 0 0 4.5 Kayser (Julius) * C o ...100 9 3
98
Buokeye Pipe Line Co. 5u >iuo 195
1st preferred.............loo 110% m i *
Chesebrough Alfg Cons IOU 725 775
91% 9 21 ,
Colonial Oil................ 100 130 160
218% 2221* j
Continental Oil............. 100 825 a75
245
255
i
Crescent Pipe Line C o...50 *65
70
S t k E X lis t
Cumberland Pipe Line.. 100 80 85
*2l
3
;
Eureka Pipe Line C o.. IOU 393 398
73
74
5
Galena-Signal Oil com. IOU 2 1 0 245
Preferred............... .100 10134 1021*
Preierred........
IOU 134 140
* 1 131S l l6U '
*_
_ 17
Indiana Pipe Line Co.. .60 *155 105
]
National Transit Co___ 25 *4512 47
Preferred.................... 60 * 4 5
1
New York Transit Co__ 100 o65 170
1 05
109
Northern Pipe Line Co.. 100 115 UO
215
225
•
Ohio Ull Co....................25 *122 124
19
Prairie Oil & Gas...........iou 315 o2 0
e Preierred................ 100 3 0
40
1
Solar Refining...............IOU 650 70j
205
208
:
Southern Pipe Line Co 100 2JS 102
8 1
*5
South Penn GU.............100 765 790
85
90
:
Sou West Pa Pipe Lines. 100 178 183
tk E x l i s t . 1
Standard Oil of Calif. 100 153 162
*134
Stand GU of Indiana
IOU 322 327
2% a j i
Standard Oil of Kansas. 100 420 160
76
;
74
Stand OU of Kentucky..luu 415 455
Preferred.................10v 101 1 03 1
StandOU of Nebraska..IOU 310 330
103*
*10%
Stand OU of N J (old)__ 100 1050 10/5
Preferred.................... 60 • 4 0
41
Stand GU ot N J........... lOu 398 100
102% 1 05 1
Standard OU subsidiaries__ 650 676
ope Mfg Co com......... 100 3 b
39
<
Preferred.................. ioo
Standard Oil of N Y___ IOU 500 570
74
78
!
Standard OU of Ohio... 100 280 2 0 0
108
.
105
Swan A Finch...............IOU 215 245
120
82
80
Union Tank LlneCo___ 100
115
1 19
!
Vacuum OU.................. 100 177 180
220
215
Preferred.................100 109 t i l j
Washington OU.............. 10 *24 2J
Watera-Plercs OU......... 100 1500 1700
1 1 6 % 1171a
S tk E X li s t
Tobacco Stocks
^Preferred— See Chic Stk E x 11s t .
(See also Stock ExchangeList)
Amer M ichlne & Fdy 100
Urltlsh-Amerlcan Tobao.£l
Conley Foil__
luo
a Holme (Geo W) com. 100
a Preferred..
lou
Johnson Tin Foil A Metal IOU
MaeAndrews & Forbes IOU
Porto-Rlcan-Amer Tob.1 0 0
Reynolds (R J) Tobacco.100
TobacoJ Produots com (w 1)
Preferred (w 1)...............
e United Cigar Mfrs com 100
a Preferred...............100
UnltedClgarStoresofAm com
Preferred.............. ........
a Weyinan Bruton Co. ..100
a Preferred................ 100
Young (J S) Co...........100
Industrial and Allscellaneous
« Adams Express _____ 100
C o lirg ls 1947 ........J-D
Alliance Realty.............100
Amer Bank Note com .60
Preferred.................. 50
American Book.............100
American Brass.............100
American Cblcle com__ 100
Preferred.................. 100
aAmerican Express___ 100
Am Qraphophone com..100
Preferred.................. 100
American Hardware___ 100
Amer Malting 6 s 1914..J-D
Amer Press Assoc'n___ 100
Am Steel Fdy 6a 1935..A-O
Dob 4s 1923.............F-A
American Surety.............60
American Thread pref___ 6
102
15
60
60
65
*2378 21
290 105
197 2 1 0
285
Preferred.................. 100
tnndard Coupler com.,10o
Preferred.................. 100
110
170 190
195 2 0 0
270 285
267
200
130 150
10412 1 0 1 %
65 58%
103% 106
107% 10778
121
123
260 300
115 117
175 180
Texas A Paclllc Coal ..100
t Texas Paclflo Land Tr.100
1
80
108
80
99
95
06
288
2
3
40
112
85
100
100
98
5
i
j
,
!
<
:
__ 122
Title Ins Co of N Y........100
Tonopah Mln(Nev)-SeePhila S tk E x lis t
Trenton Potteries com . .100
4
7
Preferred new............loo 6 0
55
Trow Directory..............100 20 3 0
Union Typewriter com.. 100 41
43
1st preferred____ ...100 n o 112
2d preferred............ ..100 103 1 0 6
United Copper................100
1 2
Preferred............ ....1 00
8 15
United Dry Goods___ 100 9 9 % 993*
e Preferred_________ loo 106 1071*
ISO 193 U S Casualty................. 100 190 200
/32i4 8334 U S Envelope com........100 100 104
Preferred..................100 118 120
118 120
55
U S Express........... 100 7 5
*51
82
•53 55
85
90
170 175
Preferred
loo 100 1 05
137 110
1st g 6s 1919.......... .".J-J 100 1 03
214 218
Con g 6s 1929............. J-J 9 5 100
103% 105
1S Indus Alcoh— See N Y S tk Ex lis t .
180
192
« Preferred..i............100 — 1 05
4U2 47
l B Steel Corporation—
i
71 83
Col st Apr 6s 1951 op 1911 114
138% 139%
Col ( 1 Apr 5s 1951 not opt 114 - -r -r •
101
102
U 8 TU Gu A Indem___ 100 9 0
95
60
70 e Wells Fargo * Co...
125
1 29
!
99 100% Westchester 3c Bronx Title
71
72
168 !
A Mtge G u ar...__ ..100
325 335 Westlngh’se Air Brake__ 60 * 1 4 1 1411*
*412
aWool worth (F W)— See NY S t k E x l i s t I
Worthlngton(HR)Co pf 100 105 1081*
1. x Ex-dlT. 1
found o b * j
10 32
BOSTON STOCK EXCHANGE— Stock Record
SHAMS TRICES— NOT TER CENTUM
Saturday
Oct. 12.
M op.day
Oct. 14.
'J've.ic/ai/
Oct. 15.
Wednesday
Oct. 16.
*109%
*1011?
213
*122%
205
99%
*291
*__
50
*_ - 169
*108
*
205
121 121
*12-1 1251*8-1 85
12712 1271?
*19
20
781? 781?
1381? 139
Last Sal
50
50 *
*
Last Sal
169
169 *
Last Sal
?108
*10S
*
265
Last Sal
260 *
___
121% 1211
1207s 120?f *121
124% 1241 *124 126 *124 126
84% 841. *84
85
*84
85
129 129 *127% 129 *127% 129
20
19
19 *19
20
*19
781? 783
78% 787, *78% 79
13878 139
1383, 133%
138% 139
^looXs noifi
*1011? 1021s
213
213
122% 123
*205
99
991;
*291
15
15 K__
74% 74% 7 4 % 741.
*174
*42
*171%
*88%
*152
80 "
80%
97% *97
175
52
17Ms
89
10911021?
213
123
205
99%
*174
*45
172*4
*8S%
*152
81% 81
—
97
176
52
17M
89%
(h
P
P
78
*----- 78
)
Aujr’ 12
50 Oct’ 11
169 A ug’ 1
107% Oct’ ll
260 Aug’ 11
120 120
*124 1261?
*833, 84%
*1271? 129
*19
20
78% 781,
1383, 1383
128% Oct'11
175 176 *175 178
52 *45
52
52 52
1723 *172% 1723,s *172% 1723
891;
89% Sep'12
Last Salt 152 Oct'12
81% 81% 81% 81
81
97 *97
98 *97
98
*58% 59% 583.1 59% 59
59%
100% 1001,- 100 100%
100 100
*4
4%
4% 4% *4% 4%
2012 20% 20% 20% 21
21%
126l2 1201? 126% 126% 127 127%
122% 1221? 122 1221., 122% 122%
1431,i 1431- 143 143% 143% 1433,
___ ___
+27% 30 *29
30
8 8 I4 88%
881? 88% 8 8 I.1 881'
*___ 81
81
80% 80%. *__
*__ 101 * - 101 +__
99
63,
7
7
6% 678 *0
12
13 *12% 13 *12% 13
14
14
14
14
14
14%
277 277 X274 275% 275% 275%
182 182% 1823, 183
1823, 183
X93
93% 93% 9334 94
94
953i 90
95% 95*4 96% 96%
*224 230 226 226 *225 226
*33.i 4
3% 33, *334 4
*100 ion? *100 101% ♦__ 101
*100 ion? *__ 101% 101 101
*152 153
152% 152% 1521.1 152%
167 107% *167
168
16% *16
1012 10% *16
10638 107
1063,
106% 107
28% 28%
2812 28% *28
2878 29 *28
*28
29
2
2
*2
2% *2
18512 18fil.i 185 185
185
6412 55
55
55
55
29
29
29
29
29
767S 77% 77% 78
78%
11434 114% *114%
115 115
*___
168
16%
1063.,
28%
29
2%
186%
553,
29%
79%
115
>/ the
IV -eh
Shares.
Railroads
61 Atch Top 5: Santa Fe.101
31
12
1!
35
1C
154
62
120
50
11
25
201
590
50
80
510
17c
73
lioston
Boston
Boston
Boston
& Albany___ 10?
Eievated____ 10C
& Lowell_____10L
& Maino____ 10<
Do
pref____________
Do prei_____ _
Chic Juno Ry & C S V .100
Do pref___________
Connecticut River, 1 0 0
Fitchburg, pref___
100
Ga Ry & Eiec stmpd.100
Do pre.'_
_
100
lalnc Central.
100
•lass Electric Cos
100
Miscellaneous
17( Amer Agrlcul Chem._10u
D
pref_________ 100
375
81 Amer Pneu Service.. 50
Do pref__
50
691
116 Amer Sugar Relln.. loo
Do pref_________ 10J
35(
1,524 Amor Tel-p & Telcg.100
Amer.can Woolen.
100
Do pref_______ 1 0 0
236
20 Amoskeag Manufacturing
Do pref___________
50
375 Atl Gulf & W X SS L.100
__ 1 0 0
261 Do pref__
748 East Boston Land__ 10
1,198 Edison Elec Ilium. 100
100
355 General Electric
1,989 Massachusetts Gas CoslOO
69 Do p.ef__ _ __ .io o
22 Mergenthater Lino
100
10
100 Mexican Telephone
N E Cotton Yarn
100
100
30 Do pref______
, . ion
187 N E Telephone .
108 168
168 168
*10
16%
106% 1067S 106% 106-%
2838 28'% 2838 28%
*28
29 *28 29
2
2
186% 189
189 191
55
55
55
55%
*29
29% 29% 29%
783, 78% 79 793,
114% 114% 11434 115
30
50
108
50
20
120
1,947
1,771
174
7,732
25
59%
100%
4%
21%
127%
122%
14378
Range since January 1
On basis ot UM-share tots
Lowest.
10378 Feb 1 )
IOH2 Jan 1
211% Sep 2
120 Aug
204 J’nolL
94% Sep 21
293 Oct
74% Oct If
9 Aug 14
50 Aug 31
Highest
57fyj Sep 10
*99’8 J’ne24
3 Aug 2
14 Midi 26
114% Jail U
115% Jan 4
137% Jan 2
25 Jan 31
86 Feb 5
77 Jan 3
x90% J’ne21
5 Aug 20
10% Aug21
10'% Jan 2
272% Sep 2s
155 Jan 2
z83% J'ly 15
93%Jau 5
217 J’ ne21
2% Mch 14
100 J’ne 13
98 J'ne 23
150 J'ly lu
Pullman Co.
inn 158 Feb 1
Recce Button-Hole. 10 13% Jan 2
Swift & Co______
100
98%Jan 2
1’orrlngton__________ 25
2 7 May 8
Do pref_________ 25
28 Jan 5
Union Copper L & M 25 .85 Jan 6
United Fruit________ 1 0 0 h 174 Sep 16
Un Shoe Mach Corp__ 25 46% Jan 15
Do pref_________ 25
27<%Jan 10
58% Feb 13
U S Steel Corn.
100
Do pref_____ . . 1 0 0 107% Feb 13
Lowest
38% Jail
63% Mch 23
105 Mch 12
6i,i J’ne 19
21% Oct 7
133*) Mayl.,
12334 Aug JO
140 Mch 26
30 Mch 22
94% Mch 23
84 May 0
105 Mch 20
9 Feb 14
20 Jan 18
17% May27
300
Mch 27
18778 J’ly 26
95 Oct 11
98% Feb lo
22J Aug 2a
4% J’ne 20
105 Jan 18
107 Mch2o
164 Mch 14
107 Mch
125 Apr
3117% Jan
86 Feb
135 Sep
16 Apr
Highest.
110% J’ ne
105 J’ue
Feb
130% AUg
218 Sep
122% Feb
226
63 J’ly
171 Dec
116% J'ly
130 Jan
Oct
93% J,'no
215 Jan
24 j no
1 104
127% Sep
101% Feb
M2 Mcb
183 Mch
32 Jan
153% Sep
90 Mch
156 Mch
85 Sep
10J Aug
190 Nov
45 Dec
1921.; J’ly
95% May
161% Dec
93 Mcb
105 Jan
40 Sep
99 Jan
All <4
12% Aug
112
Sep
111% Jan
131% Aug
20% Dec
85% Oct
77% Dec
99 Dec
73„ Dec
14% Nov
7% Jan
27o Sep
142 Sep
8734 Jan
03 Dec
211 Jan
3 Oct
103 Oct
101 Nov
137 Jan
03% Deo
105% Mch
6% Jail
19% Jan
122 Feb
1 2 0 % May
153% J’ne
36% Mch
901? J'nn
81
Nov
100% Dec
11 May
26 Jan
12 May
297 Dec
107% May
96% Aug
93% Oct
235 Aug
?7g Jan
119 Mch
110% Mch
105% Dec
174 Aug 21 153 Sep
1738 Apr 11 xl2 Jan
109% Sep 26
07'% Sep
29 Sep
32 Jail 10
31 Apr 17
27 Mch
334 Apr 8
•%May
208% J’no 19 /il78 Dec
57% Aug 2 )
40% Aug
2934 Sep 13
26% Sep
80% Sep 30
60 Oct
116% Oct 1 103% Sep
Mining
Adventure Con
25
6% Mch 28 11% Apr 20
Vlgomah Mining
25
8% May 2
3 Sep 24
Allouet_____
25 38% Feb 1 50% J'no21
Amalgamated Copper 100 60 Feb 1 92% Oct 4
-m Zinc Lead & om . 25 U412 Feb 15 35 Oct 3
678 Apr 2
2 Jan 2
Arizona Com’l ctfs dep.
Bonanza Dev Co. . 10 .30 Oct 3 .65 A p ril
9% J’no o
6% Feb 1
Bos&CorbCop ASlIMg 5
5-% Apr 2
Butte-Balaklava Cop. 10 21610 J'ly 25
19% Feb 7 613.1 j ’ne 12
1,693 Calumet & Arlzon.... 10 57% Feb 1 83% Aug 28
405 Feb 1 615 Sep 27
34 Calumet & Ilecla____25
17% Jan 6 27% Apr is
125 Centennial__________ 25
903 tilno Copper_______ 5 25% Feb 28 45 Sep Is
Cons Merctir Gold___
1 .03 Mch 26 .00 Jan 19
972 Copper Range Con Co 100 60 Jan 31 66% Apr 11
3% Oct 14
20
7% Mch 27
425 Daly-West___
5,628 East Butto Cop M in.. 10 12% Jan 15 10*% Sep 26
07# Sep 27 10% Apr 1
_
25
1,656 franklin
4 % Feb 27
6'%0Apr 6
380 Giroux Consolidated. 5
4,203 Granby Consolidated. 100 33 Feb 5 6 1'8 Oct 8
7% Feb 29 n>8 Oct 4
6,688 ireene Cananea____ 20
350 .luncock Consolidated 25 23% Sep 14 37 J’neU
2 May o
60 Helvetia Copper__ __ 25 .85 Oct 15
1,245 Indiana Mining. . . . 25 11% Sep 20 23 Apr 24
18 Feb (3 21% Jail 24
230 island Creek Coal__ _ 1 40% Jan 17 6534 J’ne tu
107 Do pref_________ 1 85 Jan 13 91% Aug 1
1,020 Isle Royale Copper.. 25 20% Jan 15 30% Aug 21
3% Feb 13
2 Apr 9
5
705 Kerr Lake.
3 May a
220 Keweenaw Copper. . 25 .80 Jail 2
894 luUo Copper Co. _
25 32% Feb 1 49 Apr 10
8 Apr 17
25
41 ? Feb 16
155 La Salle Cooper
225 .vlason Valiev Mines _ 5 10's Feb 8 14% J’ne 27
25
310 .lass Consol.
9% Jan 4
6% J'ly 9
25
275 vlaytlower
234 Jan 3 18% Apr 23
1,162 Miami Copper___
5 23% Jan 29 30-% Sep 25
210 Michigan____
25
5% Apr 20
1% Oct 11
187 Mohawk.
25 60% Jan 30 73 J'U0 27
831 Nevada Consolidated. 5 18% Jan 29 24% Sep 30
0 % Apr 10
35 New Arcadian Copper 25
3 Aug 13
834 Sep
255 Nlplsslng Mines______ 6
6% Jan 3
15,595 North Butte__
_ 15 22.% Feb 1 30% Oct 8
8'% Apr 22
2's Sep 26
425 North Lake_________ 25
3<g Sep 13 «6% Jan 11
30 Ollbway Mining__ __ 25
1,310 Did Colony__ . . . 25
2% Jan 2 13% May i
420 Old Dominion Co
25 44 Jan 31 61 Oct 2
76 Dsccola .
25 106 Jan 16 130% J’ne 2 .
2,790
15 Mcb 27
91 Qu.ncy___
25
73% Jan 29 95 J’ne22
1,150 Ray Consol Copper
10 16% Jan 29 24% Sep 25
600 Santa Fe Gold & Cop. 10
4% May23
1 Jan 31
10
1,526 Shannon . . _
9 Jan 31 1778 Allg 8
1,780 Shattuck-Arizona
17 Feb 21 30 Sop 30
. 10
110 South Utah M <S» S .
lit Apr 3
5 .48 Sep 6
25 24 Feb 1 4878 J’ly 27
625 Superior______
47g Jail 13
1,050 Superior* Boston Clin 10
1% May.M
105 I'amarack________ . 25
20 Jan 31 61 Apr 18
9% Apr 9
340 l'rlnlty_____________ 25
4% Oct 8
2% J’ly 27 4 i%9 Mch 26
600 ruolumne C opper__ 1
2,479 J S Smelt Ref & Min. 60 34 Jan 31 x50% Sep 30
pref.............. .. 50 47 Jan 10 6234 Sep 28
720 D
2 May21 3llid Feb 9
320 Jtab-Apex Mining__ 5
3.299 Jtah Consolidated__ 5
9% J'ly 8 20% Apr 2
350 Jtah Copper Co_____10
62% Jan 29 6738 Sep 24
67g Jail 20
60 Vic orla __________ _ 25
2% Oct 3
80 W inona____________ 25
734 Men 1
4 Sep 13
74 Oct 14 117 Apr 17
675 Wolverine__________ 25
255 VVvip n tt__________ 25
3% Mch 4
1% Oct 7
dlv. n Ex-rlght*. a Ex-div. and rights. a Unstamped.
300
1,030
260
9,395
3,341
1,470
600
185
125
Range lor Trevious
Fear 1911
100% Sep
111% Oct
10414 Feb
222% Apr 1 210 Apr
134% Mch 25 124% Sep
218 Jan ' 207 Feb
96% Oct
100% Jan i
300 Apr 27 292 Mil
12 Sep
70 Oct
107% Oct ; 112 J'n eli
260 J’ly 24
120 Oct
128 Jan 25
124 J’nei- 2179 Apr 1
84 Sep 10 91%Jan 6
125 J'ly 23 117% May31
18% J'ly 29 23% Jan 8
70 J'ly 31
N V N H A Hartford.100 133% MaylS 142% Apr 2
128% Oct ;
212l2 Jan 29
Old Colony
~100 f 174 J’ ne 14 187 Jan 31
41 Jan 2 70 Jan 24
Rutland uref
100
100% Feb 1 1761,1 Sep 30
Union Pacino.
100
92% Feb 8
89% Sep T.
Do p re...
100
152 Sep 30 104 Jan 16
Vermont & Maas
100
\/esc End St
50 80 Oct 11 88 8 Feb 20
Do pref_________ 50
97 Oct 14 103% Mcb 19
*58% 59
100% 100%
4% 4%
21
21
127 127
1221? 123
143% 14378
Last Salt 28% Oct'12
88
88% 88 88%
81
81 *----- 81
100 100 *----- 99
*6
63.,
ivR 6*Ti
12
12
13
13
14
14
133, 1378
275 2751? 275 2751?
183 1831., 182% 1823,
93% 94
94 94%
901., 961? *9534 ----225 225 *___ 230
*33, 4
*334
4
Last Sate 101 Oct'12
101 101 *100 101%
1513, 15134 150-3, 1511?
59%
100
*4%
21
127%
122%
143%
7
7
7
7
7% 778
7
7
7% 7%
4% 4%
4% 4% *4
4%
4
4
4
4%
45
45% 45
+4434 45%
45
45
45% 45
45
87
87% 88% 89% 90% 91% 89% 91% 90% 9034
8i
33
33% 33% 34
33% 33*., 33% 33% 33^4 33^4
4% 4%
4
41., *4
4% 41.1
i
41-t
i
.45 *.40
.45 *.30
.45 *.30 .45
.30 .35
•
7
*078 7%
7
7
7
*7
7%
6% 7
i
*3% 4
3% 3% *3% 33,
3% 3% *3% 33,
46% 47
46% 481., 48
4814 483}
49
48% 4!)
813, 81
80 80% 81
81% 81
811? 80% 80%
i
580 585 588 588 590 590% 590 195 588 588
21
21
21
21% 21% *21
*20
21% *21
21%
•
40% 41% 42
42% 43
43% 43
43
42% 43
*.03
.05 *.03
.05 *.03
.06
Las\ Sale .04 Aug’ 12
5778 68% 68% 68% 58
68% 68
68
67% 68
3% 4
*334 4
3'% 3'% *3% 3%
3% 3%
15% 10% 10% 16% 16% 16*., 16% 103, 1($8 l6l?
103S 10
101.1 101? 10
0*4
10
10
«n% 1 1 %
4% 4%
4% 43, *4% 43,
5
6 4*3,0 4'%a
61% 63
62% 631? 63% 63% 63% 63% 63% 64
1038 10*s 10% K>% 10% 10% 1038
.i
10% 10 % 10
27
27% 26% 27% 263., 27
*26% 27% 20 26
*3i 1 .85
*34 1
.85
*.90 1
*.90 .95
16
16% 10% 163, «17% 17% 17% 17% 17 17%
20% 20% 2034 2034 20U
*56 ' 68 *55 ' 58
55 ‘
65
65
65
*55
68
*87% 88
88% 88% 88
88
88
88
88 88
35% 35% 35% 351? *35
35% 35
35% 35 35
2*4
2% 2%
2% 2'%„
< :
234 234
2*4 23,
23,
2
2% *2
2% *2
2% *2
21,, *2
;
2%e
34*4
3434
34%
34%
34%
34%
34%
34%
34%
3434
:'
6% 6% *5% 6
*5% 6
*5% 5*\j
5*2 6*2
123, 12*4 12% 1234 1234 1234
12% 12% *12% 13
i
*7
7
7% *7
7
♦7
7%
7%
7% 7%
12
12
12
12% 12% 12
12 12
12
12
26-% 27% 27% 273, 27*4 28
28% 28% 27% 273,
!
*1% 2
2
2
* m4 2%
2
2
2
2
66
66% 66
67
67
60 60
67
67
67
21% 21% 22
223S 22% 22% 22% 22% 22% 2234
!
*3
3%
3%
3
3%
3
3
*3
3% *3
j
8% 8'.i 8%. 8% *8% 83* 83ia 8*10
8% 8%
37
i
37% 37% 38% 38*4 39% 38% 39% 38 38%
4
4
4% 4% *4
4
4%
4% 4%
4%
*3% 4
*3*4 4% *3*4 4
4 ___ . *__
4
i
9
9
9% 9%
87„ 9
8% 8%
8% 8%
01% 6134 61% 61% 02% 62% 6234 623, 02
62
112 114 *113 115
113 113 *___ 113
*___ 113
22
221? 22% 223, 22% 22% 2234 221} 23 23%
85% 80
85% 86% 88
88
*87 ' 88
*87 88 '
20% 21
21% 2M8 21% 21% 213, 2134 213s 21%
3% 3%
3^4 SI4
3%. 3%«
33„ 3%
15*8
15% 15% 15% 18% 15%
15% 15% 15% 16%
28% 29% 2834 28-3, 29 29
26% 27% 27% 28
.60
*%
.50 .55 *.50 .65
*.60
.65
34 *.50
45% 45% 45% 45% 4434 443, 4334 44%
45
45
2
2
l ‘ %«
1% 2% l ,sie l 15ia
•1*4 1%
•-w
403, 463., 46%
•45% 40
46% 47
40
46
46%
638 6%
6
6% 6%
6
5% 6%
6% 6%
. *f
*27„ 3
2% 2%
2% 2% *27S 3
2% 278
48 4814 48
48%
48*4
48%
4834 48%
48 48%
60% 60% 61% 61% 61
60% 61
61
50% 60*4
♦2
2
2
2%
2% 2%
2
2
2% 2%
1
2
%
12%
13*4
'
12% 13
13% 13% 13
13%
13%
03
63% 63*4 63% 64% 64*8 64% 64*2 04% 04%
•.
*3
3% ♦3
8
3
*2% 3
3
3% __
5
5
6
*4% 6%
6
•4% 5
*4% 6
78
75
78
75
75
74
77
74
75
1*
•1 % 2
1% 1%
1% 1% *1% 2% *1% 2
UIA i a A aakod DriQ*». a New MOO)*, _ • A jst't Paid. t> E*-etooU
§
P
STOC KS
BOSTON STOCK
EXCHANGE
Sales
Friday
Oct. 18.
109% 1091 109% 1093
102% Oct’ 11
213 213
213% 2131.
123 124 *123 124
*205 ___ 205 205
99% 1001, *99% 100
293 Oct'11
*1087g 109%
*1013. 1021s
*212 ___
122 122
205 205
98% 99
*291
*
15
* 78
176
*42
17Ms
*88%
*152
80
07
4
TRICES
Thursday
Oct. 17.
Jan
15 May
104 J’ne
36 Jan
31 J ly
l%a Mch
197% J'ly
6878 Feb
29% Jan
82% Feb
120% Feb
16.1
4 Sep
2% Oct
21 Aug
443.t Sep
19'% Oct
1?8 Dee
.30 Oct
334 Aug
3 Nov
7% J'ne
li J’no
41% Deo
71% J'ue
30% J'uo
2llia Deo
.76 May
15% May
6% Jan
45 Sep
360 Sep
8 Aug
10% Sep
03 Nov
40'% Sep
3 Feb
8?S Aug
6% Allg
33g Sep
26 Aug
5%. Oct
17 Sep
S4 Sep
6% Oet
03% Deo
645 Jan
19 Deo
27% Deo
15 J’ne
69*4 Feb
7 Deo
11% J’ue
14 J’no
8% Fob
43% J 'ne
8% Deo
31% Deo
2
Fob
16 J'no
29% May
8 2 % Sep
11% Aug
2% Oet
% Nov
22 Aug
3 Aug
6% Apr
4% Aue
.20 Feb
10% Sep
1% Nov
36 Apr
16 Sep
2
Aug
*0% Deo
20
Sep
334 Aug
3% Deo
.60 Jan
34% Sep
81 Sep
44 Deo
91 J’ue
23 Deo
77g Jan
3.% J'ne
40 J ’no
6 Jan
117g Deo
-TO J'no
3*1(1 Deo
24% Doo
3% Jan
67 Deo
21% J'no
4% ADr
11% Feb
30% J'no
U34 J'no
8*2 J'no
3% J'ly
49 J’no
124 Jan
65 Sep
12 Sep
34 Apr
7 Oct
14% Sep
% Dec
20 Oct
«2% Oct
20 Sep
27g Oct
134 Sep
30'% Sep
45% Aug
178 Nov
934 Jan
33 Sep
1 Aug
3% Nov
74 Nov
150 Nov
70 Deo
19 Deo
1% J 'ne
12% Feb
24 Jan
1*xo May
42% Jan
8% J'no
62 Jan
6% Deo
47g May
40% J’no
49% J’ne
3%J'no
20 J'ne
67% Deo
4% Deo
9% Feb
122 Feb
2 Feb
Oct. 19 1912.]
Boston Bond Record
WecKi
Range or
Last Sate
BONDS
BOSTON STOCK EXCHAN GE
Weolt Ending Oct 18.
Range
Since
Jan. 1
5r .^
«©
l/no
High No
1
101% 101%
8.,3g
8934 119
114% J’ly 'I'. ___
80's J ’ne 12
131 J ’n e’ U ___ .
82 J ’ly T:
073S Oct T2 ___
88 O ct ’ 12 ___
89% J ’ly T2 __
1013.1 Sep ’ i: . . . .
110% M ch 'li
4
6i
63
9513 Fch '12 . . . .
100% Mch '09
1033
Price
Friday
Oct 18
BONDS
BOSTON STOCK EXCH AN G E
Week Ending Oct 18.
Range
Hines
.’an. 1,
IVcek's
Rangs or
Las'. Sals
l/no Hig,
101%102'
S8' h ‘JH4
108% 115%
89.s 9i)
103 131
54 88
9034 993,
88
92%
89% 91%
10434 108%
Htgh
bid
Ask '/no
L/no High
99% 100
General Motors 1st 5-yr 6 s .1915 A -0
UOI4 Feb T2
99% 99%
1(5'•
Gt Nor 0 B A Q coll tr 4 s ..1921 J -J
9o
98%
9512 Sale 95%
Registered 43.
1921 J-J
95% 975g
9514____ 95% Oct ’ 12
Illinois Steel dcbeii 5s
1913 A-O
.8% Oct ’ 12
98% IOO34
97 .
la Falls A Sioux C 1st 7 s ...1 9 1 A -0
117 Apr ‘08
Kan C Clin A Spr 1st 5s
1925 A -0
97 Mch 1:
96% 97
Kan C Ft Scott A Mem 6 s. 1928 M-N 113 ___ II3I4 Oct '.2
113 117%
92
92%
Kan C M A 11 gen 4 s . . .
1934 M- S
921$ . . . . 92% Sep T2
Assented Income 5s
1934 M-S ____86
84% 89
86
86
102% I0234
Kan O A x\l R y A Br 1st 5 s .1929 A -0
103 J ’ly 'l :
Marq Hough A Ont 1st 6s 1925 A-O
115 J ’ne'08
62% 68% Mass Gas 4 Ms_____
1929 J -J
97% 99%
97
97 Sale 97
95
95% -Utch Telephone 1st 5s
1917 J -J
100% 100%
100% Apr 1:
New Eng Cotton Yarn 5s *1929 F-A ____96%
96%
9G12
96% 99
New Eng Tel .ph 5s
191 A-O
101% M ch 'li
—
5 s .................................... ” *1916 A-O
100i2Sep '08
95" 95”
'9 5 ' Feb" 12
New England cons g 5s
1945 J -J
9934 997j
9978Jan 'It
103 103%
103 J ’ne'12
Boston 'Perm 1st 4s
"l0 3 o A-O
111% Sep '11
New River (The) conv 5s” l934 J -J
75 Dec 11
89% 92% N Y N H A H con deb 3 Ms 195o J -J
0%
60%
92% M ch'12
92% 923S
Conv deb 6 s _______
*1948 J -J
1103 Oct '0/
128% Sep T:
128% 132%
99 991' Old Colony gold 4s .
ly
99 A u g ’ l
101 Apr 'oy
F-A
100% J ’ly T2
160% 101% Oregon R y A Nav con g 4s’ l946 J I)
98% Sep '0.
997s 100
997s Feb '12
Oreg Sh Line 1st g 63
1922 F-A
111% Oct 'It
112 113*4
98% Mch '12 . . . . 98% 98% Pere Marquette deb g 6 s l ” l9 l2 J -J
95 Jan ‘ 12
95 95
Rcpub
Valley
1st
s
f
6s
1919
99% Feb 'l l
103 Jan '11
J -J
87% May'12
86% 87% Savannah Elec 1st cons 5s _ 1U52 J -J
70% Dec TO
lUe%
1 0% 21 .00 101% Seattle Elec 1st g 5s________ 1939 F-A
10312 J ’ly 'It
1031o 105%
Shannon-Ariz 1st g 6s
"*1919 M-N
88 Sep T. . . . . 87 91
97 A u g'It
83% 100
I'erre Haute Elec g 5 s .” ” lu29 J -J
114 Jan 'l l
97 Apr 'Oi
Torrlngton 1st g 5s_____ __ 1918 M-S
1135* Feb '11
101 Sep 'It
99*4 101
91
99
91 ” May 12
Union Pac UR A I gr g 4 s ..1947 J -J
100% 100%
lOO'gJ’ly 'It
20-year conv 4s__________ 1927 J -J
96% Oct T . . . . 96% 101
101?s May'12
10178 10l78
97%Sep '11
United Fruit gen s f 4 Ms___1923 J -J
95% 97%
95l2 ____ 96 Oct 'It
100% 100%
Debenture 4 M s ..
1925 J J ____95%
9.533
9533
95 96%
99% 103
100 A llg'12
U S Steel Co 10-60-yr 5s Apr 1933 M-N
102% Oct 'i t
101% 104
86% West End Street R y 4s___1915 F -A
80% Sep '12 ___ 80
99 May It'.
99 99%
99 Oct T2 . . . . 9834 99%
Gold 4 Ms________________ 19)4 ■M-S
U93s 100%
100% Oct '12
103% Apr '05
Gold debenture 4s______ 1916 M-N
9878 Apr 'It
96 Apr '08
1917 F-A
Gold 4s______________
9S% N ovTl
127% Mch 12
127% 127% Western Teleph A Tel 5 s"” l932 J -J
99% 101
99% Sale 99%
99!
127 \1chT2 ___ 127 1276 Wisconsin Cent 1st gen 4 s ..1949 J -J
1)3#* Feb T
93% 93
N O T E .— Buyer pays accrued Interest in addition to the purchase price for all Boston Bonds. * No price Friday: atest bid and asked. 1] Flat price
Am Agrlcul Chem 1st 3s___1928 A -0
89*g Sale
Am 'l'elcp A Tel coll tr 4 s ..1929 J -J
Convertible 4s___________ 1930 VI-S 112-4 1131
Am Writ Paper 1st s t 5s g.-1 9 1 'j J J
Am Zinc L & S deb 8s---------1915 M-N
Arlz Com Cop 1st (is ct£s of dep.
Atcli Top & S Fc gen g 4 s ..1995 A -0
Adjustment g 4s____Juiy 1995 Nov
Stamped _______ July 1995 .1-N
50-year conv 4s_______1955 J-D
10-vear conv 5s_______1917 J D
Atl Gulf & W i SS Lines 5 s .1959 J-.T
Boston Elev 30-yr g as____ 1935 M-N
Boston & Lowell 4s________ 1918 J -J
Boston & Maine 4 Ms_______1944 J -J
Improvement 4 s . . ............ 193. F-A
I’ laln 4s_________________ 1942 F-A
Bur A Mo Ktv cons 6s______1918 J -J
Cedar Hap & Mo K 1st 7 s.Il9 1 o M-N
Cent Vcrmt 1st tr 4s___May 102U CJ-F 9014 Sale
0 B & Q Iowa Dlv 1st 5s___ 1918 A -0
Iowa f)iv 1st 4s__________ 1919 A -0
Debenture 5s_______
Z191 a l\-N
Denver Exten 4s___I
1022 F A
Nebraska Exten 4s_____ '1927 M-N
1921 M-S
11 J iS V V s l 4s____
Illinois Dlv 3 ^ 3 . . .............1949 J -J
Ohlc Jet Hy A Stk Yds 5s 1915 J J
Coll trust refunding g 4 s .1940 A-O ____90
Oh Milw & St I> Dub D Os 1920 J -J
Oh M A .St P WIs V dlv 6 s ..1920 J J
Ch A No Mich 1st gu 53____ 1931 M-N
Chic A W Mich gen 5s_____ 1921 J -I)
Concord A Mont cons 4s___ 1920 J-D
Oudahy Pack (The) 1st g 5s 1924 M-N
Current Itlver 1st 5s________ 1926 A -0 100 ____
Dot Or Hap A W 1st 4s-------1946 A -0
Dominion Coal 1st s f 5s____ 1040 M-N
Fitchburg 4s_______________ 1915 M-S
4 s .......................................... 1927 M-S
Fremt Elk A Mo V 1st 0s___ 1933 A -0
Unstamped let (is________1033 A -0
Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yearly
6hars Pncai--Not Per Centum Prices
Saturday
Oct. 12.
Oct. 14.
114
111
19%
67%
*124
20
26
<
OT
9
0
u
114 ♦__
111 *110%
19%
19%
67% 67%
125% 125
20% 20
26%
20
114
*110%
19%
19*8
67.% 08
125 *124
20
20
110
43%
54%
56%
31
72
10
31
947g
88%
141,
31%
623S
50%
23%
27%
8U‘i8
0%6
52%
90
HU
114
43%
54
12%
56
31%
72%
10
31%
94%
88%o
14%
31%
02%
*50%
23%
27%
8834
*6%
52%
90
Ask
OcL 18.
Oct.
*114
*110%
20'7„ 21%
69
69%
1251? 124
20
20%
2534 26
20%
437g 437« 43%
52% 53% 537g
*12
*12
56
56"
56
30
30% *30%
71
71% *71%
9l5ia 9l%8 *97g
30% 32
30%
947g 94%
94
*87-% 877„ 88%
14% 14% *14%
31% 31% 31%
G21io 62’to 62%
50
50% 50%
23
23% 23%
27%
26% 2/
88%e 88>i0 88‘ Ho
6'ia 6%
6%
52% 52% 5238
89-% 89-% 90
PHILAD ELPHIA
Oct. 16.
Oef7"lib
Salas
lit*
01
115 *114
112 *110
22% 23.%
70% 70
125 *124
20% 19%
*49%
25% 26
25%
3
43% 43%
54% 53%
12% *12
56% 50
32
31%
72% 72
11% 11
31% 31%
*94
95
88
14% *14%
31% *31
62% 62%
503,, 50%
23% 23%
27% 27%
883, 88Jin
6% *6%
52% 52%
90
90
U Ex-dlv.
A
rights.
Baltimore
Con Gas E! L A P o w .100
Do
pref ___..1 0 0
Houston OH cr c t f s ..100
Do
pref tr ctfs lo o
Northern Central____ 50
Seaboard Air Line ..1 0 0
Do
p r e .______ 100
United R y A E lectric. 50
Philadelphia
45 American Cement___ 50
686 American R a b w a y s.. 50
12,001 Cambria Steel_______ 50
7 Electric Co of America 10
1,049 Elefc Storage B a tte ry .100
3,905 Gen Asphalt tr ctfs___100
1,130
Do
pref tr ctts.100
3,431 Keystone Telephone. 50
4,105 Lake Superior Corp 100
365 Leh C A Nav tr c t f s .. 50
228 Lehigh Valley_______ 50
555 Lehigh Valley Transit 50
Do p re f__________50
181
820 Pennsylvania R R ____ 50
1,302 Pbliadei C o (P itts b ).. 50
6,327 Philadelphia E le c ? .. 25
13,037 Phil R T vot tr c t f s .. 50
4,370 Heading_____________ 50
1
2,240 Tonopah Mining_____
1,436 Union T raction______ 50
1,213 United Gas lm p t ____ Su
PH ILAD ELPH IA
Bond:
Inactive Stocks
2% 2%
Prices are all "and
..10
American Milling______
interest’
..5 0
42% 43%
Cambria Iron__
Alt A L V Elec 4 4$s’ 33 F-A
Central Coal A C oke..1100
100
Am Gas A Elec 5s '0 7 .F-A
P referred ____
Am Hys 5s 1917......... A-O
Consol Trac of N J ____110U 75%
Atl C Gas ls ts f 5s '60-J-J
Germantown Pass____
BcrgAEBrew 1st Os’21 J-J
Huntington A B T ____.5u
P referred ___________ 50
Betbleh Steel 6s 1998.Q-F
Indiana Union T r____i.100
Choc A Me 1st 5s 1949.J-J
Insurance Co or N A __.10 21% 221., Oh Ok A G gen 5s 1019 J-J
Inter Sm Pow A Chem..50
Con Tiac of N J 1st 5s '33
Interstate Hys. pref__.10
Del Co Hys tr ctfs 4s’40J-J
Kentucky Securities..!10v
Elec A Peoples Tr tr c t f s ..
P referred __________ 10,1
1
F rT acA U 1st 5s 1940.J-J
Gen Asphalt 5s 1016.X1-S
Keystone Telep v t c . . ..50
P referred __________ .50 -12 43
Indlanap Hy 4s 1033..J-J
Keystone Watch Case. 100
Interstate 4s 1943___F-A
Lit Brothers__________.-10
17
180 Keystone Tel 5s 1935.J-J
Little Schuylkill
.50
Lake Sup Corp Inc 5s'2 4 ..O
Mlnchlli A SchuyF H i l l.50
Lehigh Nav 4 Ms T 4 ..Q -J
Nat Gas Elec Lt a Po "I100 30
Gen M 4 Ms g 1924.(J-F
P referred _____
' 100
1
Leh V C 1st 5s g 1933.J-J
80
North Pennsylvania"" .50
Leh V ext 4s 1st 1948.J-D
Pennsylvania S a l t ..”
Conso 6s 1923_____ J-D
100% 197%
Pennsylvania S teel.” i100
Consol 4 Ms 1923___J-D
75
P referred______
100 101 1.11
Annuity 6s_________J-D
Phlla Co (Pitts) pref” .59
.
Gen eons ..s 2 0 0 3 ..M-N
4334 44%
Phil German A N orris.._f> )
Leh V Tran con 4s ’ 35 J-D
Phlla Traction____
8234 83%
1st series A is 193 5 .M-S
Railways General. __.10
1st scries B 5s 1935 M-S
Tonopah Belmont D ev.
r_ _ 1
91? •;*<, MarketStEI 1st 4s'55 M-N
United Cos of N J ____1100 237% 238% NatLHAP ser B 5s TO J-J
United Trac Pitts prof..50
New Con Gas 5s 1948.J-D
Vlrgln'a R y A P ow ___1100
N Y Ph A No 1st ls’ 39 J-J
P referred____
100
Income 4s 1939____M-N
Warwick Iron A S teel...10
id
101; Pa A N Y Can 5s '3 9 .A-O
Washln?ton-Va R y ___110,)
Penn Steel 1st 5s T 7.M -N
100
P referred ____
People’s Tr tr ctfs 4s 1943
100
Wclsbaeh Co___
P Co lstA col1 tr 5s'49 M-S
West Jersey A Sea S h ...50
Con A coll tr 5s '51 M-N
81
Westmoreland C o a t .....50
83
Phil Elec gold tr ctfs. A-O
Wilkes Gas A Elec------‘ 100
Trust ctfs 4s 1940 ..J - J
59
13
13% P A E gen M 5s g '2 0 .A-O
York Railway_______
P referred _________ 5(1 33% 36
Gen M 4s g 1920___A-O
;__JJBld and asked; no sales on this day.
211
112
102
24% 13,080
70% 2.773
50
125
19%
227
50
1,122
25%
3
+3
4
43% 43% 43%
54 >8 53% 54%
12% *12 ___
56% 56% 561,
31% 31% 31%
72
72
72
11% 11%
11%
31% 3U?
32
94% 95
95
88
88%
88
14% 14% 1434
31%
31% *31
62% 62% 623g
50% 50% 51%
23% 23% 23%
28% 286) 29
88'uj
88% 88Ji6
01V
07io 6%
52% 52%
90
89% 90
Range Since
January I
ACTIVE STOCKS
tFor Bonds and Inactive
Stocks see below
Shares
Lowest
Highest
64 Jan
89 Jan
7 Mch
45 Feb
121 Jan
20 Jan
95% Deo
101 Sep
10 Aug
79 JTy
13034 J ’ne
27 J no
16% Jan
197S JTy
42 Jan
43 O ct 5 47 Sep 25
4078 Sep
41% Men 2 55% Oct 10
11% Jan
11% JTy 31
12% JTy 8
48% Jan
6234 Jan 16 583s Aug 12
28% Aua
18 Apr 2 33<s Feb 17
08 Aug
69% Apr 2 73 Jan 3
6*8 Dec
6 Apr 4 13 Sep 16
21% Sep
27 Feb 20 35% Sep V
83% J ’ ne
87% M ch20 109 Sep 25
7534 Sep
78% Feb 5 927g Jan 16
0% Jan
8% Jan 3 16% Sep 10
18% Jan
23 Jan 12 33% Sep 16
5 9 Sep
01*10 Jan 27 63%3 Apr 26
48% Sep
50 O ct 14 50% Feb 16
15% Nov
II16% Jan 2 2434 Sep 0
17 Apr
22% May 6 29 Sep 13
74% Jan 11 89% Apr 30 60lsi» Sep
6% JTy
8% Apr 15
0%6 J ’ly 19
43 Jan
49% Feb 28 53 Sep 9
86% Jan 9 923s Aug C
84% Sep
46% N ov
4S34 Feb
121- Jan
561$ J
39% Oct
837$ Jan
9% Jan
32 Feb
98 Jan
937is Dec
9<g Oct
25% Oct
05 Feb
59% J ’ns
18 JTy
24% Aug
80% Feb
8*g Jan
6234 Aug
8u% Jan
Lowest
PH ILAD ELPH IA
BU
As):
Ph A Head 2d 5s 1933 A -0
Ex Imp M 4s 1947.A-O
112
113
BALTIM ORE
Inactive Stocks
Atlan Coast L (Conn) .100 271
Consolidation C o a l...1 0 0
1U6 106% Georgia Sou A Fla____lou
1st preferred_______ 100
2d pref erred_______ 100
m "
G-B-S Brewing_______ 100
Prices ars all "and
inleresi"
Balt City 3 Ms 1930...J -J
4s 1954-1955___Various
5s 1916....................M-N
Anacostia A Potom 5s A-O
AtCoast L con v deb 4sM-N
Atl Coast L(Ct)ctfs 5s J-D
5-20-yr 4s 1925_____ J-J
1137s B S P A C 1st 4 Ms ’ 53 F-A
Balt Trac 1st 5s ’2 9 ..M -N
No Balt Dlv 5s 1942 J-D
91
102 Cent R y cons 5s '3 2 . . M-N
E xt A Imp 5s 1932 .M-S
*94% 95
103 103% Chas City Ry 1st 6T23 J-J
82% Chas R y G A El 5s ’99 M-S
82
106% 103 City A Sub 1st 5s 1922 J-D
City A Su b (W as ) 1st 5j ’ 46
|j $ 1 5
paid.
272
103% 103%
30
95
80
3% 4%
Bonds
96% 98%
5 13M
paid.
Highest
96 Jan 3 117 May 6
101 Jan 2 118 Apr 3
8% Jan 3 24% Oct 18
53% J an 25 72% JTy lh
124 Oct 17 130 Apr 8
191? Oct 18 27% May24
4512 Mch 1 1
la% Jan 2 26*8 Sep 9
113%
P W A B col tr 4" '2 1 ..J-J
87%
95
Hoch R y A L con 5s'5* J-J
Spanish-Ain Ir 6s ’2 7 ..J-J 10P- 1 )2%
Stan’d Gas A E Cs’ 26.J-D 100% 190%
Stand Stl Wks lst5s'28 J-J
n Trac Ind gen is T9 J-J
102% Un Hys Tr ctfs 4s’ 4 9 ..J -J
74
75
101
United Rys Inv 1st coll tr
s f 5s 1926................M-N
82% 83
"85' 85% Welsbacd s 1 5s 1 9 3 0 ..J-D
93%
93
VVH-B GAE con 5F55.J-J
__ .
York Hya 1st 5s 1937.J-D
6U
87%
Range tor Previous
Year (1911)
92
96.?
103
100%
103
103%
92
95
106
106%
106
106
103
95
104%
—
I $17 H paid.
97
02%
96
103%
B ALTIM ORE
BU
Coal A C R y 1st 5s TO A-O
Coal A I R y 1st 5s ’2 0 .F-A
ColAGruv 1st Os 1916 J- j
Consol Gas 53 1939__ J-D
Gen 4 Ms 1954____A-O
Cons G E A P 4 Ms ’35 J-J
Consol Coal 5s 1 9 5 0 ..J-D
Fair A Cl TV 1st 5V38 A U
Ga A A.a 1st con 5s ’45 J-J
Ga Car AN 1st 5s g '2 9 -J - j
Georgia P 1st 6s 1922. .J - j
Ga So A Fla 1st 5s '4 5 .J-J
G-B-S Brew 3-4s ’5 1 .M-S
Houston Oil dlv ctfs .F -A
Knoxv Trac 1st 5s '28 A -o
M aconRyALt 1st 5s'5J J-J
11(1 Elec R y 1st 5s ’31 .A -0
Memphis St 1 t 5s 45.J J
Monon V Trac 5s’ 42_J-D
Alt Ver Cot Duck 1st 5 s ..
Npt N A O P 1st 5s’ 38M-N
N A A Terml 5s ’29. AI-S
Nor APort Tr 1st 5s'36 J-D
Norf R y A L 5s ’4 9 . . M-N
North Cent 4 M* 192 j.A -U
Seres A 5s 1926____ J-J
Series B 5s 1926____J-j
P.tt Un Trac 5s 1 9 9 7 ..J-J
Poto Val 1st 5s 1941. J-j
Sav Fla A West 5^ ’34 A-O
Seab Air L 4s 1950___A-O
Seab A Roan 5s 1 9 2 6 ..J-J
South Bound 1st 5 s..A -O
U El L A P 1st 4 Ms'29 M-N
Un R y A El 1st 4s '49 AI-S
Income 4s 1949___J-D
Funding 5s 1936___J-D
Conv notes 5s 1914. J-J
Va Alid 3d ser 6s T 6 ..M -S
4th ser 3-4-5S 1921.M-S
100
92
Va (State) 3s new '32 .J-J
063}
Fund debt 2-3s 1991 J-J
West N C con 6s 1914.J-J
105
103% Wll A W e ld 5a 1935...J -d
A j*
107%
91% 95
881..
92
93%
101
105
105 105*8
61%
84%
105
98%
98
97
100%
52%
85
100
98%
73% 737g
9J
94
89
89%
100 100%
101
107
107
104 106
109
85%
101 100
103
93
84% 84*|
65% 66
102%
102 I02*a
109*4
[VOL.
THE CHRONICLE
1034
[u u e s tm e u t a n d R a i l r o a d
R A I L R O A D
G R O S S
LXXXXY
lu t e llig e ix c e .
E A R N I N G S .
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
oan be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from July 1 to and including such latest week or month.
Wo add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. The returns o f the electric railways are browjht together separately on a subsequent page.
Latest Gross Earnings.
HOADS.
Week or
Month
Current
Year
Ala N O * 'l ex P ac203,346
N O & Nor E ast. September
143,680
Ala & Vicksburg. September
134,438
Vicks Shr & P a c. September
44,102
Ann A rb or________ 1st wlc Oct
Atoh ToDeka & S Fe A u g u s t ___ 9,630,813
237,351
Atlanta Blrm & Atl A u g u s t ___
Atlantic Coast Line A u g u s t __ 2 ,437,705
129,088
Chariest & VV Car A u g u s t ___
108,695
Louisv Hen&St L A u g u s t ___
g Baltimore & O hio. August ___ 8,878,271
170,024
H & O Ch Ter R R A u g u s t ___
234,609
Bangor & Aroostook A u g u s t ___
Bessemer & Lake E A u g u s t ___ 1,043,208
93,476
Birmingham S outh. A u g u s t ___
Boston <5e Maine___ A u g u s t ___ 4.637,784
240,150
Butt Roch <So Plttsb 2d wk Oct
222.426
Buffalo & Susq____ August —
523.700
Canadian Northern. 2d wk Oct
Canadian P a cific__ 2d wk Oct 2 ,957,000
Central of Georgia. - 1st wk Oot 299,900
323.750
entral New Engl’d A u g u s t __
ent of New Jersey. August — 3,074,388
391,564
Central V erm on t.- A u g u s t __
Ches & Ohio Lines 1st wk Oct 607,747
Chicago & A lt o n .. 1st wk Oct 326.515
Chic Burl & Quincy A u g u s t ___ 8 ,487,985
p Chic Great W est. 1st wk Oct 269,112
147,738
Chic Ind & Louisv. 2d wk Oct
Chlo MUw & St Paul August — 6,260,066
Chlo MU * Pug Sd A u g u s t ___ 1.851,211
yChlo & North West A u g u s t ___ 8,140,192
fChlo St Paul M <&O A u g u s t ___ 1,481,329
164,961
Chicago T H & S E . August . .
071,818
Cln Ham & Dayton August -
184.427
Colorado Midland . . A u g u s t __
f> Colorado & S outh. 2d wk Oct 312.515
23,377
C o rn w a ll__________ A u g u s t ___
40,322
Cornwall & Lebanon August .
Cuba R R __________ A u g u s t ___ 309,308
Delaware & Hudson August - 2,280,850
3,492,749
Delaw Lack & West August
536,100
Denv & R io Grande 2d wk Oct
543,893
Western P a cific. . August 134,566
enver N VV & P ac. A u g u s t ___
154,380
etrolt Tol & Iront August . .
21,141
Detroit & Mackinac 1st wk Oct
Dul & Iron Range. . A u g u s t __ 1,060.321
64,603
Dul Sou Shore & Atl 1st wk Oct
Elgin Joliet & East- A u g u s t ___ 1,110,639
643,600
El Paso <3e Sou West August ___
E r i e ....... ............ — August . . . 5,741,689
2,045
Fairchild & N E ___ A u g u s t___
265,622
Florida East Coast. A u g u s t ___
101,568
Fonda Johns & Glov A u g u s t ___
260,200
Georgia R a ilroa d .. August
Grand Trunk S y s t.. 2d wk Oct 1,063,161
179,282
Grand Trk W est. 4 th wk Sep
65,668
D et Gr R a v & Mil 4th wk Sep
64,817
Canada A tlantic. 4 th wk Sep
Great Northern Syst September 7.554,405
172,226
Gulf & Ship Island. August . . .
764,455
flock in g V alley------ August . . .
Illinois Central------ September 5.519.720
291,000
Internet & Grt N or. 2d wk Oct
122,682
a Interoceanlo M ex. 1st wk Oct
320.750
Kanawha & M ich .. August . .
035.751
Kansas City S outh. August . .
Lehigh V alley_____ A u g u s t ___ 3.999,841
69,787
Lexington & East. A u g u s t ___
141,454
Louisiana & A rkan. August . sLoulsvIlle & Nashv 1st wk Oct 1,173,010
13,565
Macon & Blrm’ham September
A u g u s t __ 1,074,871
Maine Central
47,464
Maryland & Pcnna. A u g u s t __
182.700
a Mexican Railway. 4 th wk Sep
14,803
Mineral R ange_____ 1st wk Oct
207,050
1st
wk
Oct
Minn & St Louis_\
Iowa C e n t r a l.../
Minn St P & S S Ml 2d wk Sep 718,672
Chloago Division/
88,334
Mississippi Central, A u g u s t ___
u Mo Kan & Texas. 2d wk Oct 716,571
2d wk Oct 1,323,000
Missouri Pacific—
Nashv Chat & St L A u g u s t __ 1,098,297
a Nat R ys of M e x .f. 1st wk Oct 1,081,657
12,283
Nevada-Cal-Orcgon 1st wk Oct
152,783
N O Great Northern A u g u s t ___
105,068
N O Mobile & Chic A u g u s t __
( N Y C 4 Hud Rlv A u g u s t ___ 10157807
Lake Shore & M S August ___ 5,072,476
561,807
n Lake Erie <fc VV. A u g u s t ___
Chic Ind & South A u g u s t ___ 349.230
Michigan Central August . . 2,919,182
Cleve C C & St L . A u g u s t ___ 3 ,175,445
Peoria & Eastern A u g u s t ___ 341,104
138,986
Cincinnati North A u g u s t ___
Pitts & Lake Erie A u g u s t ___ 1,774,667
N Y Chic & St L . August . . . 1,053,825
506,477
Tol & Ohio Cent. A u g u s t __
T o t all lines above A u g u s t __ 26049011
8
B
Previous
Year.
288,664
139,703
116,793
41,351
1,867,640
254,695
>,123,256
151.409
110,231
(.29 0,51 5
143,817
274,530
1.042.418
70,787
1,230,739
200,145
219,739
480,900
2.510.000
339,300
209,873
2,523,675
381,323
614,144
312.080
3,018,070
268,813
137,538
5.495.460
1,351,410
7,353,148
1,328,152
159,806
1,004,309
181,135
316,253
15,879
31,287
257,787
1,982,748
5,240,377
514,100
500.080
139,623
161,305
20,846
1,059,813
72,278
835,460
540.467
5,388,150
1,727
213,492
96,382
257,276
995.600
163,928
61,016
50,806
6,549,357
165,789
713.468
5,222,386
240,000
150,546
324,731
792,285
3 ,423,485
53,736
105.409
1,162,860
16,079
999.356
43,270
203.600
13,310
173,631
556,326
Current
Year
Previous
Year
5
%
839 ,780
931,352
394,275
4 46 ,990
412,964
342,029
616,017
633,885
18,590,782 16,889,285
504,652
487,822
4 ,905,552 4,381,581
257,203
285,963
196,128
212,426
16,931,156 15,611,672
319,933
266,865
469,112
501,522
2,071,636 1,947,145
178,769
129,009
8,845,668 8,047,979
3,383,063 2,989,719
400,693
415,110
6,242,400 5,414,300
41,348,115 34,823,722
3,693,743 3,649,607
510,967
627,256
5,888,294 4,912,429
733,311
751,824
9,511,528 0,301,222
4,313,533 4,368,163
15,783,908 15,060,121
3,797,190 3,630,379
2,088,381 2,035,801
12,020,684 10,539,998
3,484,104 2,095,063
14,890,109 13,559,165
2,774,326 2,491,739
302,569
300,039
1,847,878 1,880,673
336,533
317,518
4.116.395 4 ,348,205
32,788
42,114
66,188
78,571
520,452
013,702
4.333,392 3,750,188
6,827,205 6,303,271
7,772,498 7,395,302
922,165
1,074,159
253,725
250,833
290,250
270,751
338,729
342,082
2.1 2 9 .3 9 5 1,967,209
940,673
999.864
2,241,641 1,561,511
1,310,590 1,067,536
11,123,247 10,287,757
3,397
4,398
442,178
525,778
190,262
200,356
484,478
510,133
16,489,313 15,130,948
1,780,659 1,683,956
570,353
614,913
551,067
619.864
20,899.402 18,296,225
322,288
335,707
1.454.491 1,317,924
16,203,253 15,902,153
3,468,318 2,812,793
2,260,784 2,316,609
601,372
617,331
1,769,548 1,543,374
7 ,533,547 6,515,141
101,150
124,673
206,147
284,051
15,402,983 14,793,349
39,650
40,719
2 ,036,000 1,884,807
77,357
85,311
2,140,900 1,956,800
201,553
222,892
2,665,151 2,192,182
6,132,022
5,383,853
148,884
171,621
76,038
665.357 9 ,2 4 3 ,9 4 6 8 ,526,647
1.192.000 18,455,681 10,220,368
1,019,634 2.142.492 1,990,139
1,223,058 16,806,363 17,485,053
107,366
140,565
8,110
281.145
■149,440
300,469
289,098
149,532
375 ,888
9,521,081 19,442,778 18,335,306
4,655,514 9,5 1 6 ,6 4 5 8,7 7 6 ,5 5 6
998.632
544,700 1,021,562
579,371
655,177
304,511
2,773,637 5,618,418 5,103,850
2.816.418 5 ,7 7 7 ,5 1 5 5,410,604
550,320
604,340
294,534
233.686
132,152
244,438
1,528,183 3 ,441,932 2.9 1 8 .1 2 8
1.013,584 1,915,166 1,915,325
950,324
507,738
990,335
24092 030 49,228,311 4 5 ,832,168
J u l/ 1 to Latest Dale.
Latest Gross Earnings.
July 1 to Latest Dale.
HOAD S .
Week or
Month.
Previous
Year.
Current
Year.
S
$
N Y N II & H a r tf.. A u gust
N Y Ont & W est. - A u gu st
NY Susq <S> W e s t.. A u gu st
Norfolk S ou th ern .. A u gu st
Norfolk & W estern. August
Northern P acific___ A u gu st
Pacific Coast C o__ A u gu st
Pennsylvania R R . . A u gust
Balt C hes* Atlan A u gust
Cumberland V ail. A u gu st
Long Island_____ A u gust
Maryl’d Del & Va A u gu st
N Y Phlla & Norf A u gu st
Northern Central A u gu st
Phil Balt & Wash A u gu st
W Jersey & Scash A u gu st
Pennsylvania C o__ A u gu st
Grand Rap & Ind A u gust
Pitts C C & St L . A u gu st
V a n d a lla _______ A u gust
T otal lines—
East Pitts & E . . A u gust
W est Pitts & E - . A u gust
All East &West A u gust
Pcro Marquette____ A u gust
Reading C om panyPhlla <Sa R eading.
Coal & Iron C o ..
Total both co s __
Rich Fred & Potom
R io Grande Juno___
R io Grande S o u th ..
R ock Island L in e s .Rutland __________
St Jos & Grand Isl.
St Louis & San Fran
f Chlo & East 111.
T otal all lines____
St L R ocky Mt & P .
St Louis Southwest.
San Ped L A <5o S L .
Seaboard Air L in e ..
Southern Pacific Co.
Southern Railway
Mobile & O hio___
Cln N O & T cx P .
Ala Great South.
Georgia Sou & Fla
Spok Port & Seattle
Tcnn A la As Georgia
Tennessee C entral..
Texas & P acific____
Tidewater <J> W est.
T oledo Peor & West
Toledo St L & West
Union Pacific Syst
Virginia & So W est.
V irginian____
W a b a s h ___________
Western M aryland.
Wheel & Lake E rie.
Wrlghtsv & Tennille
Yazoo & Miss Vail.
Current
Year.
6,410,
1,023,
303,
289,
3,874,
6,035,
791,
15797
55,
293,
1,263,
23,
342,
1.117,
1,882,
1,025,
6,227, 837
551, 217
3,917, 983
979, 457
5,598,020
951,498
342,850
260,531
3,491,861
5,523,737
720,168
13703 008
48,512
235,101
1,160,113
22,584
311,381
1,065,088
1,683,961
871,814
5,316,077
503,539
3,591,392
883,093
4 ,418,187
3,449,643
7 ,867,830
218,227
84,276
15,160
6,614,380
357,107
163.277
3 ,948,356
1,443,501
5,391,858
150,541
291,000
824.277
485,451
12447187
1,382,808
225,540
197,111
95,673
46,810
486,437
2,901
149,767
408,977
9,863
24,773
75,469
3,451,437
155,498
488,870
2.847.701
668,643
788.217
J
12,163,
2,001,
595,
585,
7 ,4 5 4 ,
11,785,
1,494,
30,463,
96,
554,
2,581,
41,
697,
2,180,
3,702,
1,869,
12,222,
1,020,
7,525,
1,860,
8,402,355
6,453,239
14,855,59 1
455,813
84,270
160,080
12,332,268
685,482
307,540
7,419,337
2,745,430
10,164,768
305,269
3 ,832,770
1,664,053
5,745,450
24,209,578
17,984,123
3,128,413
2 ,644,075
1,299,400
033,802
941,283
30,010
275,470
4 ,880,747
19,830
370,181
1,074,708
10,270,021
301.224
865,419
8,334,901
1,236,023
1,502,587
40,265
2,335.439
!
i
f
-
20,121
850,443
Various Fiscal Years.
Jan
D elaw are tc H u d s o n ---------. . .
N Y Central & H u d son R i v e r . e. Jan
L a ke Shore & M ichigan South Jan
L a k e Erie & W e s te rn . n .......... Jan
C h icago Indian a & S o u th e r n . Jan
Jan
M ichigan C e n t r a l .................
C leve Cln C h icago & St L o u is . Jan
Jan
P eoria & E a stern __________
Jan
C incinnati N o r t h e r n ______
Jan
P ittsb u rgh A Lake E r i e ...
N ew Y o r k C h icago A St Louis Jan
Jan
T o le d o A O hio Central —
Jan
T o ta l all lin e s ............... .........
Jan
P e n n sylva n ia Railroad-------B a ltim o re Cliesap A A t la n t ic . Jan
Jan
C u m berland V a lie y _______
Jan
L o n g Is la n d _______________
M aryland D elaw areA V irginia Jan
N Y P h iladelphia A N o r fo lk . .1an
N orthern C e n tra l____________ Jan
P h iladelphia Balt A W a s h .. Jan
W e st Jersey A S eash ore____ Jan
P e n n sylva n ia Company _______ Jan
G rand R a p id s A In d ia n a ____ Jan
Jan
P itts C ln oln C h lcago A S i L .
V a n d a lla _____________________ Jan
T o ta l lines— E a st P itts A Erie Jan
W e st Pitts A Erie Jan
All lines E A W . Jan
Deo
R io G rande J u n c tio n _____ _
Jan
R u t l a n d ............... ........... ...........
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
Aug
Aug
Aug
A ug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
A ug
Aug
A ug
Aug
Aug
Aug
Aug
Aug
A ug
July
Aug
31 14,442,403
31 70,005,173
31 31,502.565
31 3.675.123
31 2,080,968
31 20,855,810
31 20.472,331
31 2 ,110.788
801,193
31
31 11,512,308
31 7 ,642,438
31 3.4 0 9 ,3 9 0
31 177788 145
31 112493 912
208,870
31
31 2,089,147
31 7 ,499,840
90,415
31
31 2,393,981
31 8,191,309
31 13.205,400
31 4,500,469
31 3 9.722,380
31 3,515,833
31 27,784,375
31 0,080,529
31 159971 239
31 78,028,868
31 238600 100
31
590,307
31 2,302,767
AGGREGATES OF GROSS EARNINGS— Weekly and Monthly,
Weekly Summaries.
Cur’ nt Year Prev’s Year Inc. or Dee.
Monthly Summaries.
{CuPni Year Prev's Year Ine. or Dee.
P r e v .Y r .1
i
Mileage. Cur. Yr.
i
3
5
+ 1.339,735
235 .685 233,614,912 232 .275 .17 7
D e ce m b e r ..2 3 8 ,5 6 1
4th week July (38 roads)____ 20.868,686 18.084,755 +2,783,931 15.39
213 .145 ,07 8 — 2 ,440,307
234.402
210,704,771
J
a
n
u
a
r
y
___
237,888
13,137,388
9.77
+
1,283,408
14,420,856
1st week Aug (39 roads)____
197,278.939
+
2 0 ,7 5 2 ,1 5 5
2
3
3
.191
,21
8.03
1.0
91
F
e
b
r
u
a
r
y
__237,082
2d week Aug (37 roads)____ 14,397,814 13.223,581 + 1.174,233 8.88
2 3 4 ,6 9 2 1237,564.332 224 ,008 ,05 4 + 12,955,678
M a r c h ______238,218
3d week Aug (37 roads)____ 14,636,26 1 13,552,577 + 1,083,089 7.99
210.140,214
+ 4 ,5 3 8 ,2 5 1
233,057
220
.678
.46
5
A
p
r
i
l
.............
236,722
20.517,970
7.52
+
1,544,446
22,062,416
4 th week Aug (39 roads)____
+ 6.044,698
231,597 232,229.304 220 ,181 ,60 0
M a y ................235,410
+903,090 6.3J
1st week Sept (40 roads)____ .5,0.(5,249 14,131,559
J u n o _______ 235,385 230,8941243.220.498 228 .047 .38 3 + 14,579,115
+847,385 5.75
2d week Sept (40 raod s)____ 15,765,881 14,918.496
222.587,872
+
23,007,660
227,194
245
.595
.53
2
14,238,720
J
u
ly
.............
230,712
+943,638
6.63
3d week Sept (39 roads)____ 15,182,304
A u g u s t ------- 239,230 235,404 2 7 8 ,027 ,41 0 251,007,032 + 2 5 ,8 6 0 ,3 8 4
+729,309 3.88
4th week Sept (30 roads)____ 19.503.157 18,773,788
+ 4 ,9 8 8 .4 7 1
8 4 .3 5 0 ' 7 5.580.043 70,591,572
S e p te m b e r . 85,901
+ 598,605 4.17
1st week Oct (38 roads)____ 14,964,702 14.360,037
Ra
a ilw
ilw a
ay
y ,, from
from N
N oo vv ee m
mb
b ee rr l1 i u i i .
a M exican c u r r e n c y ,
b Does n o t Include earnings o f C o lo ra d o Springs A C ripple Creek D istrict R
# In olu d es the B oston A A lb a n y , the N ew Y o rk A O tta w a , the S t. L a w ren ce A A d iro n d a ck and the O tta w a A New Y ork R a ilw a y , the latter o i
w hloh . being a C anadian ro a d , does n o t m ake returns to the In te r-S ta te C om m erce C o m m ission .
f In clu d es E v an sville A Terre H a u te an d E v a n s ,
vllle A Indiana R R . g Includes the C levelan d L orain A W heelin g R y . In both years, n Inclu des the N orthern O h io R R .
p Inoludes earnings «
M ason C ity A F t. D odge and W isconsin M innesota A P a olflo.
s In clu des L ou isville A A tla n tic and the I r a n k fo r t A C in cin n ati.
t Inoludes the
M exloan In tern a tion a l, u In olu des the T e x a s C entral, v Iuoludea n o t o n ly op e ra tin g re ven u es, bu t also aU o th e r re ceip ts.
JOT. 19 1912.]
THE CHRONICLE
Latest Gross Earnings by W eeks. — In the table which fol
lows we sum up separately the earnings for the first week of
October. The table covers 38 roads and shows 4.17% in
crease in the aggregate over the same week last year.
First week o f October.
1912.
$
95,673
Alabam a Great Southern . . -----44,102
Ann A rbor . .............
- --225,462
Buffalo Rochester & Pittsburgh
471,700
Canadian N orthern.
------
2,705,000
Canadian P a cific.—
299,900
Central of Georgia.
- —
607,747
Chesapeake & O h io. .
.
326,515
Chicago & A lt o n .. . _ - -------269,112
Chicago Great Western . -------143,166
Chicago Ind & L ouisville---------197,114
Cine New ON & Texas P a c ific ..
Colorado & S ou th ern ........ ........
286,239
536,800
Denver & R io Grande------------21,141
Detroit & M a c k in a c ________ . . .
64,603
Duluth South Shore & A tla n tic.
46,810
Georgla Southern & F lorida___
Grand Trunk of Canada— : — 1
Grand Trunk W estern----------1 1,058,587
Detroit Gr Hav & Milwaukee I
J
Canada A tlan tic---255,000
Internat & Great N orthern____
122,682
Intcroeeanic of M e x ico ------- Louisville & N ashville-------------- 1,173,010
14.803
Mineral R an ge----------- ------- -207,050
Minneapolis & St Louis------------ 1
Iowa C e n tra l_______________ i
671,827
Missouri Kansas & T exas--------1,145,000
Missouri P acific-----------------------225,540
M obile & O h io-------------------------National Railways of M e x ic o .. . 1,081,657
12,283
Nevada-Callfornla-Orcgon -----266,000
St Louis S outhw estern------------485,451
Seaboard A ir Line--------------------1,382,808
Southern R ailw ay-----------------2,901
Tennessee Alabama & Georgia. .
358,777
Texas & P a cific-----------------------24,773
Toledo Peoria & W estern---------75,469
T oledo St Louis & W estern ------
Increase. Decrease.
1911.
$
80,097
41,351
200,145
460,500
2,396,000
339,300
614,144
312,080
268,813
138,914
191,735
289,373
430,200
20,840
72,278
49,823
$
15,576
2,751
25,317
11,200
369,000
985,730
72,857
224,000
150,546
1,162,860
13,310
173,631
31,000
14,435
299
4,252
5,379
100,600
295
10,150
1,493
33,419
631,298
1,084,000
256,191
1,223,058
8,111
266,125
476,274
1,368,877
2,141
333,168
18,654
82,464
40,529
61,000
Total (38 r o a d s ) ---------------- - 14,964,702 14,366,037
Net Increase (4 .1 7 % )---------------
865,320
598,665
4,172
9,177
13,931
760
25,609
0,119
$
39,400
6,397
______
3,134
7,675
3,013
27,804
30,651
141,401
125
0,995
206,655
Net Earnings Monthly to Latest D ates. — In our “ Railway
Earnings” Section or Supplement, which accompanies to-day’s
issue o f the “ Chronicle,” we give the August figures o f earnings
o f all steam railroads which make it a practice to issue monthly
returns or are required to do so by the Inter-State Commerce
Com m ission.
The reader is referred to that Supplement fo r
fu ll details regarding the August results fo r all the separate com
panies.
In the following wo give all statements that have come in
the present week covering a later or a different period from
that to which the issue of the “ Railway Earnings” Section
is devoted. We also add the returns of the industrial com
panies received this week.
-------Gross Earnings-----Current
Previous
Year.
Year.
$
$
Iloads.
----- Net Earnings------Current
Previous
Year.
Year.
$
$
N Y N II & H a rtford .b —
A pr 1 to .June 8 0 ______ 16,761.088 15,007,891
5.789,724 5,513,614
9,533,361
.Lin 1 to .fune 3 0 ............ 31,970,062 29,788.213 10,609,366
July 1 to June 3 0 ............ 04,933,063 62,153,434 22,829,046 21,254,802
New Jersey & New Y o r k .
112,651
86,507
205,891
A pr 1 to June 30) ______
212,792
143,979
128,800
368,363
386,669
Jan 1 to June 30) ______
N Y Chicago & St L o ul iis
s .b —
803,670
731,238
1______ 2,902,755 2,739.712
A pr 1 to Ju
1........... 5,727,270 5,391,805 1,439,531 1,300,625
Jan 1 to Ju
■_b—
Pitts Shawmut & N o r.b
291,741
332,965
60,445
25,447
A pr 1 to June 30' . .........
789,019
596,063
232,920
75,816
Jan 1 to June 30i ...........
........... 1 ,482,648
1,331,754
470,035
212,770
.b .A u g
9,083
10,270
1,877
2,881
19,8 30
July 1 to A ug 31 ---------17,859
3,910
3,722
121,700
jdo Peoria & West -b .S c p
111,020
32,241
25,217
351,409
July 1 to Sep 30' ............
85,497
330,983
71,730
IN D U S T R IA L C OM PAN IES.
A m erTel & T cl (H olding Co) —
Jan 1 to Sep 3 0 --------- 31,273,861 27,197,994 27,733,194 24,624,790
Am Tel & Tel(AssociatcdCos) —
^
Jan 1 to Aug 31 - ......... 129,615,075 117,507,844 37,379,838 33,943,505
454,111
420.984
248,359
241,207
Edison Elec (B oston )— Sep
1,257,968
1,102,499
648,711
624,010
102,039
97,573
51,130
Keystone Tcleph Co a . .S ep t
46,997
901,818
871,915
447,548
436,109
50,083
53,086
32,234
(/Mexican Tel & T e l_____ Aug
25,081
312,215
348,187
181,840
Mch 1 to A ug 3 1 ____
153,890
a Net earnings here given are after deducting taxes,
b Net earnings here given are before deducting taxes.
g These results are in M exican currency.
Interest Charges and Surplus.
— in t., Hentals, A c.—
Current
Previous
Year.
Year.
$
$
— Hal. of Net E arns.—
Current
Previous
Year.
Year.
$
S
N Y N II & Hartford —
30 , ------ 4 ,4 3 0 ,0 0 6 _______________________
5,084,405 £7,333,787 £0,152,706
-Apr
r ,1 to June
,
_____
Jan 1 to June 3 0 .......... 10,068,408 10,160,880 £8,170,088£l0,930,191
July 1 to June 3 0 .......... 21,134,757 20,640 2 0 8 £ l3 ,3 8 5 ,5 1 8 £ ll,1 8 7 ,3 1 1
New Jersey & New Y ork—
A p 1 to June 30
03,907
03,293
£24,100
£50,064
Jan 1 to June 30
120,324
119,748 £df .11.176
£20,337
N Y Chic & St Louis—
A pr 1 to June 3 0 --------436,910
423,199
£479,982
£329,174
Jan 1 to June 3 0 --------905,129
868,762
£071,404
£525,966
Pitts Shawmut & Nor—
A pr 1 to June 3 0 ..........
120,716
100,785
£6,110 £ d f.37,548
Jan 1 to June 3 0 ...........
250,318
200,930
£99,088 £ d f.27,194
July 1 to June 3 0 ...........
472,670
385,765
£200,852
£10,519
T oledo Peoria & W est— Sep
24,627
24,497
£11,014
£3,817
July 1 to Sep 30 ...........
71,953
72,659
£2 0,545
£0,731
IN D U S T R IA L COM PAN IES.
A m Tel & T el Co (H olding Co)—
Jan 1 to Sep 3 0 ........... 4,176,605 4,207,424 23,596,589 20,417,356
Am Tel & Tel(AssoclatedC os)—
_
Jan 1 to Aug 31 ........... 9 ,073,07a 9,129,950 28,300,763 24,813.555
Keystone Telephone C o.S ept
25,258
24,971
25,881
22,020
Jan 1 to Sept 3 0 ---------220,298
220,750
221,250
215,359
m
£ A fter allowing for other Income received.
1035
E X P R E S S C OM PA N IES
------------ August
Canadian Northern—
1912.
1911.
Express revenue____________
40,731
57,027
Mlsc. transportation revenue
1,547
Non-transportation reven u e.
1,679
July 1 to Aug. 31—
1912.
1911.
114,875
86,247
3,484
Gross receipts from o p e r.
Express privileges— D r ____
58,706
22,810
42,278
16,292
118,360
45,950
89,089
34,499
Total operating revenues . .
M aintenance_______________ .
Traffic expenses_____ ______
Transportation expenses___ .
General expenses__________ .
35,895
401
275
17,548
1,516
25,986
92
436
13,813
1,187
72,410
669
609
35,011
3,100
54,590
193
1,014
26,970
3,265
Total operating e x p e n se s ...
Net operating rev en u e____.
One-twelfth of annual taxes..
19,741
16,154
403
15,530
10,455
128
39,391
33,018
807
Operating incom e___
. .
Alileage of all (Steam roads,.
lines covered (.Other lines. -
15,750
4,343
22
10,327
3,369
22
32,211
,
t« t
31,450
23,140
256
22,883
-------------M ay------------ — July 1 to M ay 31—
Wells, Fargo & Co.—
1911-12.
1912.
1911 .
1910-11.
Express revenue----------------- -$2,818,505 $2,123,333$29,083,779$ 22,726,699
Miscel. transport’n revenue. , • _ _ .
5,978
1,06 9
5,835
. • 47,860
408,999
39,455
499,504
Express privileges-
$2,860,365 $2,164,459$29,589,120523,141,677
- 1,367,319 1,008,838 14,073,092 10,797,605
Maintenance ....................
Traffic expenses_________
Transportation expenses.
General expen ses.............
$1,499,046 $1,155.620$15,516,028 $12,344,071
.
$74,167
$35,415
$504,126
$420,007
.
32,213
18,881
297,332
179,203
. 1,099,787
797,590 11,375,023 8,769,898
.
85,288
02,585
958,651
687,362
Net operating revenue____.
One-twelfth of annual taxes.
$1,291,450
207,589
54,057
$914.473$13,195,733$10,062,471
241,147 2,320,290 2,281,600
28,837
302,106
220,484
Operating in co m e........... ..
Mileage of all/Steam r o a d s .,
lines coveredl Other lin e s ___
$152,931
64,165
17,297
$212,310 $2,018,187 $2,061,116
47,302
..................................
11,115
..................................
ELECTRIC
R A IL W A Y
Name of
Hoad.
AND
I.atesl Gross Earnings.
Week or
Month.
Atlantic Shore R y — August —
cAur Elgin & Chic R y August . . .
Bangor R y & Elec Co A u g u s t ___
Baton Rouge Elec Co A u g u s t ___
Binghamton Railway A u g u s t ___
Brock & Plym St R y . A u g u s t ___
Bklyn Rap Tran Syst J u n e _____
Cape Breton Elec C o. A u g u s t ___
Carolina Pow & Lt Co July _____
Cent Park N & E Rlv J u n e _____
Central P e n n T ra c— A u g u s t ___
Chattanooga R y & Lt A u g u s t ___
Clcv Painesv & E ast. August __
Clev Southw & Colum A u g u s t __
Columbus (Ga) El C( A u g u s t ___
l on monw P, Rv & i A u-U .st___
Coney Isl’d & B klyn. • lu n e_____
Dallas Electric C orp. A u g u s t __
Detroit United R y — 4 th wk Sep
D D E B & B att(R ec) J u n e _____
Duluth-Superior Trac A u g u s t __
East St Louis & Sub- A u g u s t ___
El Paso Elec C os------ August —
42dSt M 6;SN Av(Rec) J u n e _____
Galv-IIous Elec C o .. A u g u s t ___
Grand Rapids R y C o. A u g u s t ___
H avana Electric R y . W k O ct 13
Honolulu Rapid Tran
A u g u s t __
& Land C o . .
Houghton Co Trac Co A u g u s t ___
Hudson & Manhattan J u n e _____
Illinois Traction_____ A u g u s t __
Interboro Rap T ran. A u g u s t __
Jacksonville Trac.Co. A u g u s t ___
Lake Shore Elec R y . A u g u s t __
Long Island E lectric. J u n e _____
Mllw El R y & L t C o. A u g u s t ___
Miiw Lt, H t & Tr C o. A u g u s t __
Monongahela Val Tr A u g u s t __
N Y City In te rb o ro .. J u n e _____
N Y & Long Isl T rac. J u n e _____
N Y & Queens Co . . . J u n e _____
New York Railways. A u g u s t __
Northam Easton & W A u g u s t ___
North Ohio Trac & Lt A u g u s t __
North Texas Elec C o. A u g u s t ___
Ocean Electric (L I) . J u n e _____
Paducah Tr & Lt C o. August ___
Pensacola Electric Co A u g u s t ___
Phi la Rap Trans C o .. A u g u s t ___
Port (Ore) R y.L & P C o. A u g u s t ___
Puget Sd Trac, L & P August . .
Richmond Lt & R R . J u n e _____
Rio de Janeiro Tram
Light & Power C o. A u g u s t ___
St Joseph (Mo) R y ,L t
Heat & Power Co.. A u g u s t ___
T r a c t io n _______
Sao Paulo Tram ,L& P
Savannah Electric Co
Second Avenue (Rec)
Southern Boulevard .
Sou Wisconsin Ry Co
Staten Isl'd M idland.
Tampa Electric C o . . .
Third Avenue (R e c).
Tri-City Ry & Lt C o.
Twin City Rap Tran
Underground Elec R y
of London—
Three tube lines__
Metropolitan Dlst.
United T ram ways.
London Gen'l B us.
Union (R e c)-------------
UnionRy.G&ECodll)
United R ys of St L . .
Cubed RR* of San FWestchester El (Rec)
Yonkers R R ( R e c ) ..
Youngst & Ohio R iv .
c These flgures are
TRACTION ’ COMPANIES.
Septem ber
A u g u s t ___
A u g u s t ___
J u n e _____
J u n e _____
A u g u s t ___
J u n e _____
A u g u s t __
J u n e _____
A u g u s t __
1st wk Oct
W k O ct 12
W k Oct 12
W k Oct 12
W k Oct 12
J u n e _____
A u g u s t ___
July _____
>uly _____
J u n e _____
J u n e _____
l u n e _____
Jan. 1 to latest date.
Current Previous rCurrer.t
Year.
Year.
Year.
4Previous
Year.
.
$
$
$
$
56,221
50,049
249,381
236,858
198,145 189,282 1,253,441 1,170,770
70,418
60,048
458,875
380,374
11,767
9,997
95,756
75,647
37,618
39,699
282,855
255,682
15,958
14,872
82,803
81,589
2195,014 2045,385 11,672,616 11,113,047
31,598
29,834
225,729
213,184
36,267
20,980
240,597
200,229
57,866
57,747
314,935
306,477
89,044
77,895
014,202
577.237
94,925
83,990
687,538
614,120
43,385
39,901
255,450
244,915
117,208 110,247
767,999
739,059
44,758
39,574
350,006
314,778
538,77< 110.: 95 4,033,8' 8 3,507,171
109,552 154,490
719,888
709,978
147,351 129,851 1,133,367 .1 ,019,643
278,028 267,587 8,594,246 7,475,525
51,417
50,923
306,716
298,824
105,656 103,279
761,755
746.810
208,339 193,413 1,555,173 1,480,821
63,401
50,588
495,618
436,457
159,109 142,891
864,189
752,788
199,208 142,326 1,302,842
990,732
111,605 105,274
814,073
765,706
51,088
48,359 2,003,991 1,879,393
45,688
42,616
365,102
325,519
28,314
28,534
203,711
204,222
283,357 237,920 1,842,112 1,507,694
019,457 576,166 4,698,763 4,387,762
2333,152 2140,162 20,996,084 19,714,554
48,856
44,565
399,124
377,688
147,887 143,584
872,777
837,469
22,718
19.876
96,233
92,147
469,200 419,464 3,612,311 3,238,933
131.833 121,505
816,484
738,479
76,981
64,242
543,827
468,899
39,507
26.014
213,516
137.810
37,178
35,541
180,238
177.179
132,479 118,956
631,664
587.597
1 165,081 1148,050 9,011,739 8,969,721
20,980
17,445
121,574
109,467
305,222 272,624 1,979,792 1,773,731
147,203 135.529 1,088,837 1,041,916
17,326
13,424
45,936
36,769
23,954
21,470
184,965
170,429
25,905
23,555
188,457
187,725
1913,094 1794,989 15,188,217 14,448,738
543,189 521,262 4,370,364 4,179,778
680,205
5,478,299
38,720
35,651
107,368
159,748
1272,527 1149.851
102,859
9,509,277
8,403,562
92,959
768,350
715,656
36,122
30,499
387,480 303,796
64,073
58,681
90,658
86,283
14,837
11,969
19,368
10,720
28.383
31.424
56,408
62,981
333,854 321.829
259,878 230.688
155,485 148,532
299,765
2,963,831
488.502
462,217
65,200
147,096
123,340
496,263
1,883,583
258,080
2,271,490
452,985
424,668
57,265
130,531
117.428
448,448
1,778,969
6,236,999
5,992,426
£14,380
£13,334
£5,828
£56,270
244,454
344,909
1044,441
687 ,i
57.875
69,044
20.199
£13,730 £552, 030 £552,200
£12,012 £508, 261 £482,812
£5.939 £260, 206 £273,680
£39,752 £2,009 196 £1,539,039
282.126 1,207 987 1.171,365
254,812 2,426, 662 ~2-,0t8,109
1016,759 0,988, 825 6,841,998
<51 4 n
4,7 >
4,465,647
57,176
272, 722
274,870
65.951
356, 156
327,044
19.840
110, 170,
108.164
for consolidated com pany.
[VOL.
THE CHRONICLE
1030
Electric Railway Net Earnings.— The following table gives
the returns of E L E C T R IC railway gross and net earnings
reported this week:
Iross Earnings----- ------ Net Earnings------Current
Previuos
Current
Previous
Year.
Year.
Year.
$
$
$
372,773
407,098
New York R a ilw a y s .a --A u g 1,165,081 1,148,050
Jan 1 to A ug 3 1 ........... 9,011,739
8,964,721 2,869,445 2,182,481
277,537
Puget Sd T rac, L A P .a .A u g
680,205
2,291,253
Jan 1 to A ug 31 --------- 5,478,299
United Light & R ys (Includ
149,651
354,441
173,806
ing subsidiary c o s )__ A ug
395,552
294,736
334,951
701,445
July 1 to Aug 3 1 ______
776,144
I loads.
a Net earnings here given .are after deducting taxes,
b Net earnings here given are before deducting taxes.
Interest Charges and Surplus.
Roatls.
New York R ailw a y s----- A ug
Jan 1 to A ug 3 1 ______
Puget Sd T rac, L A P .. .A u g
Jan 1 to A ug 3 1 ______
United Light & R ys (Includ
ing subsidiary co s )__ A ug
July 1 to A ug 3 1 ...........
—In t., Rentals, & c.—
Current
Previous
Year.
Year.
$
3
278,361
2,182,434
146,610
1,146,337
76,405
153,975
■
— Dal. of Net Earns.—Current
Previous
Year.
Year.
3
3
£159,071
£946,679
130,927
1,144,916
78,024
155,810
97,401
180,970
71,627
139,555
£ A fter allowing for other incom e received.
LXXXXV
CONDENSED BALA NCE SHEET JUNE 30.
1912
1911.
1912.
1911
Liabilities—
S
S
Assets—
$
$
Capital stock.-.209,990, 750 209,981,875
R y. prop., incl.
Funded debt(sec
advances and
“ R y. & Ind.’’
Investments in
Sec. and sub
system
roads
276,056,409
sequent pages) .282,300,
(see details on
5,580,656
Bills&accts. pay. 5,589
subseq’t page) 375,929,796 358,972;
1,569,170
Vouchers unpaid 2,722
Bonds assumed2,552,789
Unpaid pay-rolls 2,762
held by M.trus. 14,106,000 14,106,
2,039,717
Unpaid coupons 2,768
Cost of Yi lnt. in
1,543,110
Accrued taxes.. 1,521
C. B. A Q. stk.
Bond interest ac
held by trustee
146,004
394,008
of Joint bonds. 109,114,810 109,114 ,810 crued, not due.
Balance due af
Other securities
3,738,377.
A investments
filiated cos___ 3,668,401
Other work, lia(see details on
2,168,222
subseq’t page). 77,087,517 73,418
bils.&def.credit ..............
Cash on h a n d ... 12,829,425 21,460
items (net)___
Improv’ts & bet
Due from agents
3,509,867 2,878
4,698,622
terments fund. 7,039,796
Due from U. S.
Depreciation of
and Can. P. O.
equipment fund 21,557, ,737 19,585,756
departments..
192,807
186
678,942
Insurance funds.
852, 789
Due from U. S.
Transportation
52,176
90 ,467 Add’ns & bett’ts
Advanced chges.
63,711
60 880 paid from im
Bills receivable.
6,995,461 3,737 ,071 prov’ts and re
newals fund__ 27,510 ,280 26,332,203
Other accounts
receivable, &c.
5,029,381 3,664 ,163 St. P. M. & M.
Material & fuel.
5,443,355 5,839 ,514 cons. M. bonds
retired by s. f.
Oth. work, assets
533, 000
459,000
since Nov 1907
Adeferred debit
1,104,464
916, 015
Miscellaneous . .
items (net)» . . .
478,426
Profit and loss.. 40,953,272 35,037,514
Total
.......... 610,832,732 593,529,839
T o t a l.............610,832,732 593,529,839
* This Is the excess of other working assets and deferred debit Items over other
working liabilities and deferred credit items.— V. 95, p. 968, 679.
A N N U A L R E PORTSo
Missouri Kansas & Texas Ry.
Annual Reports.— An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be
given on the last Saturday of each month. This index will
not include reports in the issue of the “ Chronicle” in which
it is published.
The latest index will be found in the issue
of Sept. 28. The next will appear in that of Oct. 26.
Great Northern Railway.
(Report fo r Fiscal Year ending June 30 1912.)
The full text of the remarks of Chairman L . W . Hill and
President C. R . Gray is given on subsequent pages; also the
revenue and income accounts, the general balance sheet in
detail, &c., &c. The report also contains the very interest
ing remarks of James J. Hill on resigning the Chairmanship
of the company on July 1 last, in which he gives an histori
cal review of the events for the period (nearly 40 years) of
his connection with the company. See also editorial re
marks on a preceding page.
Below we give a comparative statement of traffic statis
tics and income account for the several years and balance
sheet for two years.
R E SU LT S OF L IN E S O PE R A T E D A S G R E A T N ORTHERN R Y . A N D
THOSE IN D E P E N D E N T L Y O P E R A T E D : M IN N E A P O L IS
W E STE R N R Y . A N D D U L U T H T E R M IN A L R Y .
1908-09.
1911-12.
1910-11.
1909-10.
6,808
Average miles operated.
7,369
7,244
7,020
Operations—
8,343,557
7,195,386
8,362,189
Passengers carried (N o.) 8,168,364
Pass, carried 1 m i l e ___547,843,549 590,566,237 649,317,544 490,393,926
2.204 cts.
2.239 cts.
A v . rev. per pass, per m .
2.487 cts, , 2.273 cts.
* Freight (to n s )------------- 27,543,172 23,070,655 23,224,972 18,097,264
•Freight one m i l e --------6227,714227 5357747,886 5678787,816 4841973,201
•A v . rev. per ton per m . 0.7688 cts. 0.8096 Cts. 0.8219 cts. 0.8151 cts.
518
523
502
•Aver, train-load (tons)
601
51.486
51.493
51.383
Hams, per pass .-train m.
51 -406
54.26
54.09
54.24
Earns, perfrt.-traln m . .
54.62
57,886
59,183
58,456
Gross earnings per m ile.
58,983
5
5
Earnings—
5
P a ss e n g e r......................... 13,623,009 13,422,057 14,311,800 10,977,948
47,877,369 43,379,174 46,675,734 39,464,811
Freight ...................
3,017,703
3,214,934
4,173,735
Mail, express, A c . .........
4,417,729
226,982
262,902
282,667
Other than transportat’n
279,712
Gross operating rev s. 66,197,819
Expenses—
Malnt. o f way A structs. 9,220,286
Malnt. of eq u ip m en t—
7,854,687
Traffic expenses----------1,089,710
Transportation expenses 18,200,011
General expen ses...........
1,297,854
61,257,633
64,465,370
53,687,444
9,654,776
7,681,270
1,006,429
18,052,818
1.205,099
11,773,314
7,520.634
922,104
18,068,666
993.378
9,797,370
6,173,847
745,847
14,822,546
1,013,877
Total expenses........... 37,662,548
P. c. of exps. to r e v -----(56.89)
Net operating re v e n u e .. 28,535,271
O u tsld eop era tlon s.n et.
115,859
37,600,392
(61.38)
23,657,241
205,359
39,278,096
(60.93)
25,187,274
240,009
32,553,487
(60.64)
21,133,957
249,198
Total net revenue____ 28,651,130
Taxes a ccru ed --------------- 3,488,238
23,862,600
3,300,139
25,427,283
3,570,302
21,383,155
2,570,372
Operating Incom e____ 25,162,892
General Interest----------1,214,827
Dlvs. & Int. on securities 1,333,200
Profit on sale of assets. .
...........
Hire of equlp’t— balance
357,530
Rents rcc’ d and m lscel. .
802,048
20,562,461
1,360,082
596,750
21,856,981
377,952
185,231
94,188
723,990
693,636
18,812,783
1,098,540
1,016,900
817,502
167,383
653,475
Gross corporate Income 28,870,497
Deduct—
Rentals p a id ........... ........
754,453
Hire of equlp’t— balance
--------Bond Interest a c cr u e d .. 6,461,789
Deficit under guar, of
lnt. on Kootenay R y .
& N av. deb. stock .....
............
A p prop . for deprec. of
steamship p ro p e rty ..
750,000
Dlvs. on stock ( 7 % ) ------ 14,698,082
23,337,471
23,113,800
22,566,583
662,289
5 ,lijL 5 1 4
255,228
125,387
4,823,184
4,726/536
42,740
118,177
121,723
14,698^590
14,698^663
14,697*473
Total d eductions____ 22,665,224
£ Balance, surplus_____ 6,205,273
20,519,133
2,818,338
20,020,639
3,093,161
19,776,622
2,789,961
230,890
• co m p a n y ’s freight excluded.
•£ The entire surplus, as above, In 1910-11 and 1908-09, was transferred
to "fu n d for permanent Improvements and betterm ents,” to cover cost
o f betterm ents m ade to property during the year. In 1911-12 and 1909-10
53,502,000 and 52,319,158, respectively, was so transferred, the remainder
of the surpluses, 52,703,273 and 5389,888, respectively, being transferred
to profit and loss g
(Report fo r F iscal Y ear ending June 30 1912.)
On subsequent pages will be found the report of Chairman
Frank Trumbull and President C. E . Schaff, also the detailed
income account, balance sheet, profit and loss account and
other tables. Below we give comparative income account
and statistics for several years and comparative balance sheet.
OPE R AT IO N S A N D F IS C A L R E S U L T S .
1911-11.
1910-11.
1909-10.
1908-09.
Miles operated, average.
3,398
3,377
3,072
3,072
Operations—
6,044,154
Passengers carried......... 5,692,238
5,580,570
5,575,261
Pass, carried 1 m ile........ 349,180.896 391,065,334 361,492,474 348,200,712
Rate per pass, per m ile. 2.35 cts.
2.28 cts.
2.13 cts.
2.00 cts.
Tons freight carried------ 8,722,847
8,165,406
.................................
7,486.840
7,357,089
Tons freight carr. 1 m .1675674,860 1605999,502 1622081,439 1618116,929
R ate per ton per m ile —
1.08 cts.
1.13 cts.
1.05 cts.
1.04 cts.
Gross earnings per m ile.
$8,295
$8,607
$8,646 8,236
E A R N IN G S , E X P E N S E S , &C.
1911-12.
1910-11.
1909-10.
Earnings—
5
$
$
8,923,259
7,681,745
P a ss e n g e r......... ............... 8,220,409
18,184,664 17,093,567
Freight ............................. 18.100,906
Mall, express, A c ......... .. 1,865,414
1,957,370
1,784,034
1908-09.
$
6,964,089
16,852,840
1,483,986
Gross oper. revenues. 28,186,719
Expenses—Maintenance of way, A c. 4,129,256
Maintenance of equlpm ’ t 3,745,233
Traffic expenses........... ..
738,928
Transportation expenses 11,647,573
General expenses--------944,859
29,065,293
26,559,346
25,300,915
3,900,643
3,550,393
742,628
11,409,361
1,003,490
4,095,793
3,310,795
664,419
10,223,674
891,368
3,370,149
3,379,083
587,451
9,496,854
833,869
T o t a l ............................. 21,205,849
Per cent of exp . to earns
(75.23)
Net operating revenues. 6,980,870
Taxes a ccru ed .................. 1,060,181
20,606,516
(70.90)
8,458,778
1,005,649
19,186,049
(72.24)
7,373,297
1,012,918
17,667,406
(69.83)
7,633,509
967,309
5,920.689
D r.35,326
121,650
165,909
69,437
7,453,129
Dr. 6,604
82,026
221,756
127,911
6,360,379
Dr. 11,771
70,1721
239,470/
6,666,200
Dr. 13,694
195,129
Operating Incom e-----Outside oper. net d e b lt.
Itcntals received ----------Interest, A c., on Invest’s
Hire of equipm en t.........
Gross Incom e...............
Deduct—
In t. accrued on bonds . .
Other Interest..................
Hire of equipm ent.........
Discount on securities . .
R e n t a ls ....... .......... ..........
6,241,759
7,878,218
6,658,250
6,847,635
4,861,620
783,923
4,848,290
452,490
4,770,634
83,019
77,278
579,048
141,548
662,184
4,801,355
11,032
99,080
T otal deductions____ 6,224,591
Net Incom e......................
17,168
Prcf. dlvs. 4% (see note)
520,000
T ex. Cent. prcf. d lv s.(5 % )
t/1,000
T ex. Cent. com . d lv. (5 % )
t/635
6,104,512
1,773,706
520,000
f/1.020
705,320
530,408
5,616,787
1,041,463
520,000
5,461,339
1,386,296
520,000
V This Is 5% on the stock In the hands of the public.
N ote.— Dividends In 1911-12 were charged against profit and loss; in
previous years they were deducted from the Income accounts of the re
spective years.
CON DEN SED G E N ER A L B A L A N C E S H E ET J U N E 30.
1912.
1911.
1912.
1911.
Liabilities—
$
s
Assets—
$
S
Road A equip.a208,870,017 207,145,262 M.K. AT.com.stk. 63,300,300 63,300,300’
M.K.AT.pf. stk. 13,000,000 13,000,000’
Sccur. pledged—
35,200
34,300
P r o p .,A c .,c o s .
2 ,4 6 4 ,4 4 4
649 ,36 0 Stock o f sub. cos
Issued or ass’d 21,937,000
. Funded d e b t . .. 153,763,500 126,635,600
Mlsc. Invest’t s ..
114,801
128.141 Loans and bills
payable
211,473
91,386
Cash................. 1,314,212
1,180,583
129,718
194,183
52,913
52,908 Traffic,Ac.,bals.
Loans & bills rec
2,345,058
1,656,080 Vouch. A wages. 2,158,497
Mlsc. accounts. 1,252,615
490,286
496,070
224,506
380.861 Matur., Int., Ac.
Agents, A c----152,611
99,512
2.383.927 Mlsc. accounts.
Mater. A s u p p .. 2,955,421
1,046,848
722,115
244,864 Unmat. int., Ac. 1,083,764
Scours. In treas.
Taxes accrued..
304,573
346,480Unmatured int.,
Acct. of provi
divs., A c----110,000
dent funds—
108,375
100,621
Unexting. dlsc’t
323,942 Other def. credit
on fund. debt.
58,761
Items.......... ..
904,513
Sinking funds. .
969,380
78,383
96,836 Add’ns to prop. 1.563,430
Provident funds
1,563,430
106,226
Sinking funds..
205,627
190,395
Other def. debit
5,783,632
158,320 Prollt and loss.. 1)4,729,386
171,851
item s............
T o ta l............ 241,295,501 215,305,598
T o ta l.............241,295,501 215,305,598
a A fter deducting accrued depreciation on existing equipm ent, $954,561.
b After deducting discount on notes sold, $382,113; and miscellaneous
$167,666.— V . 95, p. 968. 111.
Atlantic Coast Line Co. of Connecticut.
(Balance Sheet o f June 30 1912.)
This company owns (see details below) a majority of the
capital stock of the Atlantic Coast Line Railroad Co., namely,.
Oct. 10 1912,]
$30,050,895 of its $58,,745,200 common stock and sundry
other securities as shown below. It will be noted that the
company now has a profit and loss surplus of $23,121,496.
fe-tWe liave been favored with the balance sheet of June 30
1912, which we compare with those of June 30 1911 and 1910:
E E T J U N E 30.
1912.
1911.
$
5
A ssets—
Securities deposited with Safe Deposit
, a 5 ,562,360 a 5 ,562,360
6532,381
,
6532,381
02,942,685
4,303,000
(136,127,601 36,126,501
.
0175,000
e 175,000
/540.413
531,514
Other assets--------------------------------------- ,
20,000
20,000
Bills receivable--------------------------------10,000
10,000
Notes secured by Washington p r o p ...
67,906
63,415
Deposits for interest and d iv id e n d s ...
159,065
. 2,009,335
C a s h ----------------------------------------999,018
. 1,165,521
5,565,120
b532,381
4,340,000
30,084,101
C175.000
504,730
25.000
40.000
63,347
279,529
997,818
48,486,745
48,607,026
17,640,000
5,000,000
62,000
3,000,000
17,640,000
5.000.
65,000
3.000.
500,000
63,347
(7262,00 0
22,076,679
T o t a l----------------------------------------------. 49,148,711
Liabilities—
Capital stock ------------------------------------- . 17,640,000
Certificates o f Indebtedness, 5 % --------. 5,000,000
61,800
Certificates of indebtedness, 4 % _____.
Debenture certs, of Indebtedness, 4%, 3,000,000
Bills and accounts payable--------------63,415
Div. on stock & Int. on certs, unpaid..
.
0262,000
Reserve acct. Prairie Pebble Phi
. 23,121,496
Profit and loss surplus-------------
67,906
0262,000
22,454,839
1910.
*
. 49,148,711 48,486,715
Securities Owned June SO 1912.
a Securities deposited with Safe Deposit & Trust Co. of Baltimore as
security for $5,061,800 certificates of indebtedness of 1897-1900:
Par.
Book Value.
A tl. Coast Dine U R. 1st cons. 4% b o n d s .$1,250,000 $1,245,000
A tl. Coast Line H R . of S. C. 4% b o n d s .. 1,550,000 1,550,000
A tl. Coast Line R R . 4% unified b o n d s .. 3,008,000 2,767,360 $5,562,360
b Railroad bonds—$65,751
South Carolina Pacific R y. Co. 1st 6 % . .
81,600
201,958
318,000
Col. New. & Laur. R R . Co. 1st 3 % -------261,000
North Western R R . Co. of S. C. 4 % -------285,000
$332,381
3,672
Atlantic Coast Line R R . cons. 4 % ---------4,000
c Other bonds—
$283,000
Dutton Phosphate Co. 5 % ----------------------- $449,000
Internat. Agricultural Corp. 5 % -------------- 2,167,289 2,058,925
600,760 $2,942,685
Amalgamated I’ hos. Co. 5 % ------------------653,000
d Railroad Stocks—
$50,000
Northwestern R R . Co. of South Carolina.
$50,000
1,100
Atlantic & North Carolina R R ....... ...........
1,100
150,200
Atlantic Coast Line R R . Co. class " A ” . .
150,200
do
do
do
do com m on ..33 ,1 5 0 ,4 0 0 35,900,695
Nashville Chattanooga & St. Louis R y . .
30,000
25,606 $36,127,601
e Other Stocks—
$150,000
Old Dominion Steamship C o . . __________ $120,000
$175,000
25,000
W estlnghousc Air Brake C o_____________
25,000
f Other Assets—
$467,250
Charleston & Western Carolina R y. secur.
---------1,272
Col. N cw b. & Laur. 5% certificates_____
127,200
$340,413
71,891
Sundry secu rities.........................................
............
,
.
.
(7 Reserve against stockholders’ liability for claim to certain lands of
Prairie Pebble Phosphate Co.— V. 93, p. 1724.
Central of Georgia Railway.
(.Report fo r Fiscal Year ending June 30 1912.)
Prcst. 0 . II. Markham, Aug. 27, wrote in substance:
Results. -There was an Increase of $578,920 in freight revenue, an in
crease of $293,099 In passenger revenue and an increase of $18,164 In other
transportation revenues, making total increase $920,183. The large In
crease in freight revenue Is attributable to the phenomenal production of
cotton, the Increased revenue from cotton, cotton seed and cottonseed meal
exceeding $620,000. There was also a substantial Increase In the coal
traffic. The m ovem ent of forest products continues to show a decline.
The large increase in passenger revenue was mainly due to the stimulus
given to business generally In this section by the large cotton crop.
There was an increase of $98,857 (3 .6 7 % ) In the expenseof maintenance
of way and structures, due to the severe weather of winter and spring and
to the cost of filling trestles. There was also an Increase of $168,658
(7.73% ) In the expense of maintc ance of equipm ent. The total number
of cross-ties renewed was 827,567; 8.6 miles of track were relald with new
steel rail. Charges for depreciation of equipment amounted to $132,0 13,
an Increase of $19,312. The average age of locom otives is 14.1 years.
The increase of $615,981 In transportation expenses was due to additional
mileage in all classes of train service, made necessary by increased business
and to advances in the pay of a large number of the employees in the train
service. Tlic bad weather and Increased freight traffic caused conges
tion at several Important terminal points, which also added largely to this
expense. Taxes increased $65,378, or 11.67% .
Retirement of income Bonds.—-E xcept for $2,000,000 consol, mtge. bonds
reserved for betterments at organization, 17 years ago, the com pany has
been unable, on account of the large part of its capitalization represented
by mortgage bonds, to raise funds for capital expenditures, and we were
therefore forced to use our only available source, our Income; a right re
served In the income mortgages. This led to litigation with the income
bondholders. During the past year arrangements were perfected which
com prom ised tills litigation and enabled us to acquire at a cost of $15,1 70,
109, as of July 1 1912, $14,461,000 of the three issues of income bonds, being
more than 96%, of the original issue. In the settlement, all claims for In
terest not heretofore declared on these bonds were extinguished. Most of
the necessary funds were supplied from the proceeds of the Issue of $1.>,000,000 of pref. stock (V . 93, p. 1667; V. 94, p. 122, 1316).
Making allowance for Income bonds already in the treasury and for those
formerly held for exchange under the reorg. plan of 1895, against securi
ties never presented, there were outstanding July 1 1912 $173,500 of first
Incomes, $14 1,650 of second incomes and $133,200 of third Incomes, a total
of all issues of $451,350. This amount (about 3% of the original Issue)
Is too small to Interfere with the contem plated Issue of additional bonds.
In the settlement, the balance of Interest for the fiscal year 1908, hereto
fore unpaid (2.179% on the seconds and 5% on the thirds), was paid in
April (V. 94, p. 1056).
.
p ref. Stock.-—As of July 1 1912, the com pany issued $15,000,000 of 6%
cum . pref. stock and received paym ent therefor at par In cash (V . 94, p.
1316). By this Issue, and the accom panying retirement of Income bonds,
the proportion of bonded debt to entire capitalization, which was m ore than
90%,, is now less than 66 2 -3 % ; and the proportion of capital stock, which
was less than 10%,, Is now more than 33 1 -3 % . This should have a favorable
effect on our credit.
Refunding Bonds.- The stockholders have authorized the Issue of first
refunding mortgage bonds for the purpose of refunding, when favorable
opportunity shall offer, all outstanding Hens, and for future extensions,
Improvements and betterments. The bonds are to be issued in series and
to bear Interest not exceeding 5 % , as market conditions m ay permit.
The aggregate authorized issue will cover all lines and leaseholds and is
limited to $80,000,000, of which nearly one-half must be reserved for re
funding underlying securities, and not exceeding $5,000,000 m ay now be
Issued for general corporate purposes. The balance m ay be Issued, under
restrictions, for construction and purchase of other lines, new equipment
and other additions and betterments. No bonds have yet been Issued.
•The $650,000 of 5% notes due March 1 1912, secured by $800,000 1st M.
bonds of W adlcy Southern R y. C o., have, pending the sale of new securities
now contem plated, been temporarily extended and will be shortly paid.
• Additions.— The expenditures for additions and betterments, charged
road and equipment, during the year amounted to $1,438,379 (way and
structures, $738,389; equipment, $699,990), and for retirement of matured
equipment obligations, $474,000.
Physical Chanties— During the year the road and equipm ent were greatly
Im proved. There were 21.50 miles of track relald with 90-lb. new steel
1037
THE CHRONICLE
rail; 63.80 miles with 80-lb. new steel rail; making a total of 85.30 miles
of track relald with new steel rail; 57 miles of track were ballasted with slag;
140 lineal feet of steel and concrete bridges were constructed, replacing
tim ber and pile bridges, trestles and embankments; 7,324 lineal feet of tim
ber and pile bridges and trestles were replaced by em bankm ents. Widening
cuts and fills cost $111,246; new sidings and spurs, $153,356; terminal yards.
$75,403; tim ber-treating plant, $80,298 of an cst. total cost o f $123,943.
Equipment.— Sixteen locom otives were added and four were sold or de
stroyed. 13 passenger train cars were added and 5 sold, &c. 586 freight
train cars were added and 368 were sold, &c. The cars retired from freight
service were old and of light capacity. The average capacity of cars owned
June 30 1912 was 35.60 tons.
Steel Raililbs.) Jun3090 80 70-75 65-08 ^
1911, miles................ 43 777
174 123
1910, miles................25 711
188 124
1909, miles___________ 691
190 128
Equip June 30—
1896. 1906. 1907.
Locomotives____ ______ . 211
252
292
230
229
Passenger-train equip’t . . 206
Freight-train equip’t___ 4,892\ 9,462/10,343
Service equipment........
148/
\ 355
03 H 61 y* 60 Vi 60
50 Var. Total
301
73
40 . . 383 3
1,918
321
79
42 . . 425 3
1,918
321
90
15 23 457 3
1,918
1908. 1909. 1910. 1911. 1912
316
315
312
310
322
227
251
254
258
265
10,572 10,401 10,224 10,203 10,422
344
339
32S
340
408
OPERATIONS AND FISCAL RESULTS.
1911-12.
1910-11.1909-10.
1908-09.
Average miles operated________
1,915
1,915
1,916
1,916
Operations (revenue traffic only)—
Passengers carried_____________ 5,258,945
4,894,447
4,329,447
3,842,326
000
Passengers carried one mile........ 178,233,141 160,223,927 144,495,712 127,809,219
Rate per passenger per mile........ 2.120 cts
2.096 cts.
2.094 cts.
2.147 cts.
000
Revenue freight (tons) carried... 5.375,309
5,165,488
4,973,801
4,555,124
Revenue freight (tons) carr. 1 m .793,902,844 758,22 i,638 744,546.658 688.462,146
Rate per ton per mile__________ 1.120 cts. 1.096 cts.
1.069 cts.
1.079 cts.
Average revenue (train-load) tons
256
264
255
257
Earnings per freight-train m ile..
$2,870
52.890
$2,731
$2,775
Earnings per passenger-train mile
$0.9961
$0.9714
$0.8657
$0.8242
Earnings per mile of road_______
$7,276
$6,739
$6,291
$5,823
INCOME ACCOUNT FOR YEAR ENDING JUNE 30.
1909-10.
1910-11.
1911-12.
1,915
1,915
1,916
$
$
$
7,901,474
8,887,839
8,308,919
3,777,488
3,025,847
3,484,389
500,815
595,475
629,093
223,919
220,289
209,373
413,814
309,632
284,331
1908-09.
1,916
$
7,430,497
2,744,115
536,414
190,783
253,373
12,907,788
12,052,756
11,155,182
1,745,023
2,182,967
397,613
4,199,247
495,243
1,882,225
2,036,096
377,013
3,684,769
494,807
1,544,714
2,119,689
321.621
3,432,075
443,937
Average miles operated________
Operating Revenues—
Freight revenue_________
Passenger revenue......................
Mail, express and miscellaneous..
Other transportation revenue__
Other than transportation..........
. . 13,932,153
Operating Expenses—
Maint. of way and structures .. 1,843,881
Maintenance of equipment........ .. 2,351,625
Traffic expenses________
..
415,828
. . 4,845,230
General expenses.
..
466,698
..
:.
Net operating revenues........ .. . .
..
9,923,262
(71.23)
4,008,891
68,590
9,020,093
(69.88)
3,887,695
77,856
8,474,910
(70.32)
3,577,840
69,771
7,862,036
(70.48)
3,293,146
61,548
..
..
4,077,481
625,504
3,965,551
560,125
3,647,617
540,019
3,354,694
487,827
..
3,451,977
3,405,426
3,106,998
2,860,867
422,990
81,862
57,792
43',500
101,216
421,390
80,950
45,981
22,341
43,500
154,711
4,159,337
4,174,300
3,837,180
*3,587,523
74,628
1,793.880
31,688
506,746
53,722
97,478
1,797,978
32,500
510,519
126,376
1,800,680
32,500
492,048
157,222
1,788,122
32,500
483,430
1,147,307
1,247,678
70,445
677,567
159,535
60,000
60,000
Taxes.
Other Income—
Dividends on stocks.......... .
Interest on bonds___________
Other rentals.......... .................
Hire of equipment—balance..
Rents from lease of road____
Miscellaneous ______________
Total incom e.......................... Deductions—
Interest on equipment trusts-----Interest on bonds-------- --------Interest on short-term notes___
Rents of leased lines. &c______
Hire of equipment— balance___
Expended for betterments..........
420,221
6,822
44,501
101,812
43,5001
113,326/
420,221
8,043
39,887
106 142
*146,363
Upper Cahaba Branch and Green
ville & Newman bonds matured
Taxes on West. Ry. of Ala. stock
and Charleston & W.C.Ry.bds.
for period prior to July 1 1908.
Miscellaneous _____
________
32.4S0
13,055
5,637
213,502
*12,984
T otal.......... ................ .............
Balance, surplus ..........................
2,493,144
1,666,193
3,598,867
575,433
3,835,964
1,216
2,661
* These items in 1908-09 are slightly inaccurate, owing to changes in the method
of accounting. The general results, however, arc not affected.
As to interest on income bonds see foot-note (d) to balance
sheet below.
GENERAL BALANCE SHEET JUNE 30
1912.
1911.
1911.
1912.
$
Liabilities—
$
S
Assets—
S
Road & equip’t-_a56 ,844,876 55,833,201 %pital stock____ 5 .000,000 5,000,000
Bonds................... 52 ,083,000 52.143,000
Stocks of prop’y,
259,896 ’ quip. tr. obllg’ns. 1 ,473,000 1,947,000
256,150
nffil.&cont. cos.
351,362
526,482
Other investments.66 ,774,681 6,811,581 Loans & bills pay.
234,816
222,234
Cash...................... 1 ,081,582 1,616,925 Traffic balances . .
964,143
48.950 Vouchers & wages. 1 ,426,103
49,150
Secur. held In treas
91,416 Interest, dividends
Traffic balances . .
87,525
460,287
323,612
<fc rents unpaid.
94,442
127,312
Agts * conductors
123,471
184,794
746.493 Oth. work’g llabll.
Material & supplies 1.108,399
651,430 Accrued int., divs.
Other work, assets 529,885
674,299 1,255,469
rents Jr taxes__
Accrued int., & c..
59,120
48,062
211,232
218,392
Advances________
709,075 Def. credit Items..
755,230
Deferred inc. accts.
(c)
C276.360 Approp’d surplus. 3 ,856,511 3,856,511
821,008
Oth. dcf. deb.items 137,010
156.828 Profit and lo s s __ dl 798,883
Total
___ 67,799,892 67,355,717
T o t a l.................67,799,892 67,355,717
a Includes Investment in road June 30 1907, $45,679,120, and in equipment,
$8,344,248: improvements since June 30 1907 to road, $3,982,928; to equipment,
$1 115,005; less reserve for accrued depreciation, $2,276,426. b Other investments
in 1912 include advances to pron’y. affil., &c., cos., $12,320; physical property,
$394,606; securities pledged under collateral trust, mtge. (Cent. RR. <fc Bkg. Co. of
Ga.), $4,838,352; other securities p'edged, $1,313,351: securities unpledged,
$216,052. c See remarks under “ income bond cases” on a subsequent page, d After
deducting deferred interest on income bonds for 1908, 1909 and 1910. $626,663,
reserve for 5% Int. paid Oct. 1 1912 on Income bonds outstanding July 1 1912,
$22,568; and miscellaneous adjustments (net), $39.087.— V. 95, p. 967, 8S9
Canadian Pacific Railway.
(Proceedings at 31sf Annual Meeting Held Oct. 2 1912.)
Chairman Sir Thomas Shaughnessy said in substance:
Results.— The 31st annual report (see V. 95, p. 541, 550) covers the most
prosperous year in the com pany’s history, the gross operating Income hav
ing exceeded $123,000,000 and the net balance, after fixed charges and the
usual deductions, being S33,752,000.
Outlook.— Each year there Is apt to be some damage to the crops in one
section or another of a country as vast as ours, and the cool weather and
heavy rains that were so general during the past few weeks have, no doubt,
had bad local effects, but in W estern Canada there Is the prospect that the
grain crops will be larger than was estimated and of particularly good
quality. U nfortunately, the weather conditions and the shortage of farm
help interfered with threshing, and as a consequence the m ovem ent o f the
THE CHRONICLE
1038
grain will crowd the facilities of the transportation lines between this time
and the close of lake navigation. VVe hope, however, to escape serious
congestion, and we have reason to expect that the grain traffic and the gen
eral business during the next year will be at least as large as it was last year.
Second Track.-—A second main line is now being laid between Regina and
Chaplin, and by the end of 1914 the double track should be in use between
F ort William and Calgary, a distance of 1,256 miles. The extension of the
second track from Calgary to Revelstoke, where the line crosses the m oun
tain ranges, will necessarily require careful study before work is begun,
but a double track through this territory is urgently required and no un
necessary time will be lost thereon.
Other Construction.— A m ong the other Important works in hand are a
second main line between Farnham and Montreal Junction, including the
replacem ent of the bridge across the St. Lawrence R iver at Lachinc b y a
double-track structure designed for the heaviest train-loads; a large sort
ing yard for freight trains at Montreal Junction; the W indsor St. passenger
terminal at Montreal, that will be finished about the end of the year, and
will provide more than twice the present station and yard accom m odation;
the warehouses and yards for local traffic that are being constructed on
the Government House property and adjoining properties acquired b y the
com pany in Toronto; the additional freight yards at Transcona, five miles
cast of Winnipeg, where about 400 acres of land are being covered with
tracks and buildings to supplement the existing W innipeg yards, among the
largest in the world, but insufficient to accom m odate our traffic at that
point; the large locom otive and car shops at Ogden, near Calgary, which will
be ready for use in the course of the next three or four months; and the new
station, overhead bridges and wharf facilities at Vancouver, that it will
take some time to com plete.
Debenture Stock.— With the 4 % consol, debenture stock now authorized
to be used in retiring (over 5:55,000,000) outstanding bonds carrying a higher
rate of interest, and (as to 557,891,000) for additional railway mileage,
A c., including the issue to be sanctioned at this meeting, there will be a
total of approxim ately 590,000,000 4 % consol, debenture stock that the
com pany will be authorized to issue and sell.
New Ordinary Capital Stock.— Instead o f going to the market with any con
siderable portion of this debenture stock, your directors recommend that
you make use of the authority conferred by the Parliament of Canada to
issue ordinary shares of capital stock in lieu of consolidated debenture
stock, for the purposes for which you arc authorized to issue consolidated
debenture stock, and to that end that you increase your ordinary share
capital from 5200,000,000 to 5260,000,000, to be offered to the sharehold
ers at the price of 5175 for each share of 5 100 (V. 95, p .8 8 9). The proceeds
to theam ount of 560,000,000 will be used to satisfy and cancel all of the out
standing 5% 1st M . bonds (533,766,000) on or before the date of their
m aturity, July 1 1915, and the balance will be devoted to such additions
and improvements as are necessary from time to time. By this means the
com pany will be getting m oney at a low rate of interest, taking the present
dividend rate as a basis, its fixed charges will be 52,400,000 per annum
less than they otherwise would have been, and its available funds for the
purposes of the undertaking will be increased by $45,000,000.
Appropriation From Surplus.— Your directors will recommend that this
am ount be supplemented by an appropriation of 515,000,000 from your ac
cumulated surplus, that might properly be distributed to the shareholders,
but that will Instead be expended on additions and improvem ents.
New Securities, Leases, Purchases, New Stock, &c.— Resolutions Adopted.
Consol. Debenture Slock— (a) £1,747,000 on 312 M iles of New Branches.
That to aid the construction and equipment of six branch lines (named
In par. 7 of report, V . 95, p. 550.— E d .), the directors m ay dispose of con
solidated debenture stock to an amount not exceeding £5,000 per mile
on the W cyburn-Lethbrldge branch extensions, aggregating 125 miles,
and £6,000 per mile on the other five lines.
(6)
To Acquire Outstanding Securities of Dominion Atlantic Railway.
Whereas the Dominion Atlantic R y. has leased its railways to this com
pany for 999 years and this com pany now has the statutory authority to
acquire the outstanding securities, being first debenture stock, £500,000;
2d deben. stock, £440,000, and extension deben. stock, £292,500, the in
terest upon which has been guaranteed by this com pany, it is voted that
the directors may issue consolidated debenture stock to such an amount as
they m ay deem necessary for the purpose of acquiring the aforesaid se
curities, not exceeding In the aggregate £1,232,500 (V. 95, p. 551).
9 99 -Fear Leases at Rentals Equal to Interest on Outstanding Securities and at
Not Over 4% on Securities to Be Issued, Such In l.to B eG u a r. by C a n .P .R y .
1. Kingston & Pembroke R y., 107 V, miles, the outstanding securities not
to exceed 510,000 per mile. (See V. 95, p. 550, 176.)
2. A lberta Central R y., Red Deer to R ocky Mtn. House, 65 miles, the ag
gregate of bonds outstanding not to exceed 535,000 per mile.
3 St. M ary’s A Western Ontario R y. (after cancellation of the existing
lea se), 15 'A miles, the bonds not to exceed 525,000 p. m . (V . 95, p. 550).
. Sbus'wap A Okanagan R y., 50.8 miles, at 4 % b it.on existing £1,250,000
bonds and on all bonds hereafter issued bearing not over 4% int., the
aggregate of all such bonds not to exceed $35,000 per mile (V. 95, p. 550).
5 Campbell Ford Lake Ontario A Western R y ., proposed line 183 'A miles,
bonds not to exceed 565,000 per mile (V. 95, p. 551).
6 Kettle Valley R y ., 270 miles constructed or uuder contract to be con
structed; bonds not to exceed 550,000 per mile on Coquihalla branch
(Coldwater River to R uby Creek, on Fraser R iver), and $40,000 per mile
on other lines (V. 95, p. 551).
9 9 9 -Fear Leases on Terms Mentioned in Annual Report (V . 95, p. 5o0).
1. NcwBrunswick Coal A Railway, 58 miles.
2. Quebec Central R y ., 253 H miles.
Purchase of Cap de la Madeleine R y., 4 M iles (see report, V . 95, p. 550).
Agreement with Prov. Brit. Col. Touching Land Grant, (see V. 95, p. 550).
Increase of Rental of Georgian Bay & Seaboard Ry. Co.
The cost of construction having greatly exceeded the original estimate,
it is voted that a supplem entary agreement be made to Increase the limit
o f the bond issue, upon which this com pany has agreed to pay interest b y
way of rental, from 530,000 to $55,000 per mile, and providing for the
guaranty of such interest.
a ilidj
Increase of Capital Stock to 52CO,000,000 Authorized.
' The proposed increase in the ordinary stock from 5200,000,000 to 5260,000,
000, supplemented by an appropriation of 515,000,000 from the com p any’s
surplus was duly sanctioned.— V . 95, p. 889, 679.
4
General M o to rs Co.
(Report fo r the Year ending J u ly
31 1912.)
The remarks of President Thomas Neal, together with the
income account, balance sheet and profit and loss account,
are printed at length on a subsequent page. Below we give
comparative income account and balance sheet for two years:
INCOME ACCOUNT FOR YEAR ENDING JULY 31 1912.
Year end. 10 Mos.end.
Year end. 10 .11os. end.
Deduct—
July 31*12. July 31’ 11
July 31’ 12. July 31’ 11
Int. on 1st lien notesS850,4G3 (5750,000
Net profits (after
*842.074
depr.,taxes, Ac.)S4,838,448 54,447,146 I’ ref. divs___ (7%) 1.040,210
Gen Motors Co.’s
Bal., surplus...82,850,083 S2.474.177
proportion-------S1,746,7 56 S4,006,251
* Includes pref. div. No. 5, 3J4%, paid Apr. 1 1911, S506.226, and reserve for 4
months’ proportion of div. No. 6, 3 'A%, paid Oct. 1 1911,8335,848.
BALANCE SHEET JULY 31 (INCLUDING SUBSIDIARIES).
[For further details In 1912 see a subsequent page.]
1911.
1912.
1912.
1911.
Assets—
S
Liabilities—
$
. $
Heal cst., plants
Preferred stock__ 11,930,800 14 ,393,500
equip., A c........ 19,280,889 17,632,682 Common stock
16,371,183 15 ,22,330
Patents, agree
1st lion 6% notes. 12,452,000 14 ,002,000
ments, A c........ 1,871,436 2,049,S31 Cap. stk. sub. cos.
.436,000
578,000
Miscel. investm’ts.
560,500
,109,523
413,838
854,803 Surp.ofsubcos__
Cash .................... 3,080,921 4,054,844 Accounts payable. 2,853,022
,143,847
Notes receivable..
262,273
220,651 Notes payable___
COO,000
Accounts rec’b le.. 3,966,830 4,416,420 Int., tax.,Ac.,accr. 929,855
64*1,768
Inventories.......... 17,578,360 17,303,716 Ites’ve for div----335,848
261,394
Prepaid expenses. 422,736
191,180 Ues. for spec. pur. 4,299,471
,203,070
Good will.............. 7,934,198 7,663,939 Profit and loss___ 1,202,595
,240,175
T o t a l................ 54,958,158 51,388,072
— V. 95, p. 238.
Total
14,958,158 54,388,072
[VOL.
LXXXXV
Pacific Coast Company.
(Report fo r Fiscal Year ending June 30 1912.)
Extracts from the report of H . W . Cannon, President, and
Chairman of the Board, and J. C. Ford, Vice-President and
General Manager, will be found on another page.
Statistics .— The earnings- and expenses, income account
and balance sheet have been as follows:
E A R N IN G S A N D E X P E N S E S FOR Y E A R 1911-12.
Net
Expenses
Gross
Earnings.
Department—
Earnings.
and Taxes.
$143,389
Pacific Coast Steamship C o ......... ...........$4,181,147 §4,037,758
Rail Lines—
Pacific Coast Railway C o ..................
247,720
59,764
187,950
Columbia & Puget Sound R R . C o . .
514,035
149,737
364,298
548,374
Coal d epartm ent..............................
2,185,440
1,637,006
Lum ber, grain, rentals & miscellaneous
368,570
265,219
103,351
Taxes and g e n e r a l.................................
...........
d ef .79,972
79,972
- $7,490,912
$6,410,401
$1,086,511
'— A L L C O M P A N IE S .
1911-12.
1910-11.
1909-10.
Gross earnings................$7,490,912
$7,798,739 $7,903,148
Operating exp. and taxes 0,410,401
6,390,669
6,469,759
1908-09.
$0,580,507
5,621,018
Net earnings................ $1,080,511
Other Incom e
...........
28,579
$1,328,980
34,698
$1,512,479
21,808
T otal net in co m e ____$1,115,090
Deduct—
Interest on b o n d s ______
$250,000
Pacific Coast Coal Co.loss
---------General interest_______
______
Im provcm ’ts written o ff
---------Loss on steam ships____
68,284
R e s e r v e s ...........................
............
Depre., A c.,o f coal mines
20,550
M iscellaneou s........... ......
14,590
Div. on first pref. (5 % ) 76,250
Div. on 2d preferred____ (6) 240,000
D iv. on co m m o n _________ (6)420,000
$1,363,678
$1,534,287
$972,643
$250,000
a55,610
$250,000
$250,000
1,176
67,000
39,181
125.000
125,000
24,464
25,402
391
21,626
76,250
76,250
(7) 280,000(7 % )3 10,000
(7)490,000(7 M)342,500
T o t a l .............................$1,089,680
Balance, surplus..............
$25,410
$1,340,896
$22,782
$1,418,954
$115,333
$959,489
13,154
14,448
5,634
23,650
16,978
76,250
(4) 100,000
(4)280,000
$826,900
$145,083
a Consists of Pacific Coast Coal C o.’s loss by explosion, Lawson Mine,
$165,410, less its reserve for replacements, $110,000.
CON D E N SED B A L A N C E S H E E T J U N E 30— A L L C O M P A N IE S .
Assets—
1912.
1910.
1911.
Bills receivable........... ..
Agents, conductors, A c .........
Companies and Individuals..
Land notes and con tracts__
Coal and lumber InventoriesPrepaid a ccou n ts....................
Claims against underwriters Miscellaneous a ccou n ts.........
Materials and supplies...........
.$19,797,823 $19,712,391 $10,624,168
. 1,062,843
962,270
1,209,324
.
29.625
.
98,850
77,660
82,240
.
393,776
044,608
687,185
.
155,820
193,0 17
208,141
.
299,681
409,434
421,015
379,181
.
al24,644
233,155
.
200,288
148,890
143,104
.
120,240
113,073
02,663
279,320
201,008
.
200,708
.$22,556,310 $23,285,054 $23,018,383
Liabilities—
.$12,525,000 $12,525,000 $12,525,000
5,000,000
5,000,000
. 5,000,000
479,707
813,947
245,106
Vouchers and a ccou n ts— ................ ...
101,795
174,152
147,652
Wages and salaries..................................
294,063
184,063
184,063
Dividend A ug. 1 . . __________________ .
20,833
20,833
20,833
Accrued interest on b o n d s .....................
37,518
38,158
Taxes a ccru ed............. .............................
37,824
159,110
168,358
171,127
“ Exhaustion fund” for coal lands____
125,000
125,000
Special reserve fu n d ................................
125,000
416,403
Other reserves..........................................
4 12,187
5220,44 l
Collections for traffic not yet earned .
9 1,999
65,047
98,922
312,500
Globe Navigation C o .......................... .
250,000
312,500
Employees’ hospital fu n d .....................
29,818
32,187
31,357
165,927
20,710
51,327
Traffic balances and m iscellaneous__
3,345,831
3,323,048
Profit and loss.......................................... 3,371
Total liabilities.............
.$22,556,310 $23,285,954 $23,018,383
insurance paid in advance, $100,466,
taxes, $15,198, and rentals, $8,980.
b “ Other reserves” include )rt 1912 reserve for pilotage, $63,558, and rc<('i . ■ for improvem ents, replacements and inventoiles, $156,883. V. 95,
p. 970.
GENERAL
IN V E S T M E N T
NEW S.
R A ILR O A D S, IN C LU D IN G ELECTRIC ROADS.
Alabama Great Southern R R .— Earnings .—
Operating Net {after Other Interest, P f.D io . C om .Dir. B at.,
June 30.
Revenue. 7'axes). Income.Rents, & c. (6 % ).
(5 % ).
S urp;
Year $
$
8
$
$
$
$
191 1-12.
1,775,891 1,209,211 395,922 592,537 202.821 391,500 4!8,27;>
1910-11. ..4 ,4 7 9 ,1 2 0 1.062,018 489,019 595,998 202,821 391,500 360,718
- V . 93, p. 1186, 1104.
American Railways Co., Philadelphia .— Rights.— The
stockholders on Oct. 17 authorized an issue of •
‘$ 4,000,000 7 %
cumulative preferred stock.
•\
Stockholders of record Oet. 23 are given the right until Nov. 1 to sub
scribe for $2,000,000 of tlie preferred stock at par, each stockholder to be
entitled to subscribe In the proportion of 15 shares of preferred stock for
each 100 shares of com m on stock standing in their names, respectively,
on that day. The prlvllcgo will be transferable, and negotiable warrants,
specifying the amount for which each stockholder will he entitled to sub
scribe, accom panied with full information with respect to the terms o f
subscription and other details relating thereto, will be mailed to each stock
holder on or about Oct. 23.— V. 95, p. 889, 817.
Athens (Ga.) Railway & Electric Co .- —Control.—
See Utilities Im provem ent C o., below .— V . 94, p. 1702.
Atlantic & Western R R .— New B onds. — This company
has made a new mortgage to secure not over $1,500,000 1st
M. 5 % bonds, dated 1912, due May l 1952, par $500 and
S I,000; int. M. & N. at Fidelity Trust Co., Balt.; $275,000
of these bonds will be outstanding on Nov. 1 on 2 5 miles
of road from Sanford to Lillington.
The com pany in May last passed under the control of Mlddendorf, W il
liams A Co. of B ait., w ho purchased all of the old bonds and stock. Frcscnt
stock $275,000. R oad extends from Broadway to .Sanford, N. C., 10 miles,
and is being extended to Goldsboro. II. C. Huffer Jr. Is President and
Win. C. Cooke, Sec. ami Treas., both of Baltimore, Aid. See V. 94, p. 1249
Bangor & Aroostook RR .— New President and Director .—
The board having been reduced from 11 to 9, James Brown of
Brown Bros. & Co., New York, has been elected a director
to succeed Eugene Delano, who retired. Arthur Holland of
Concord, Mass., becomes President in place of Franklin W .
Cram, who resigned as President (and director) after a service
of over 20 years.— V . 95, p. 418.
Berkshire (M ass.) Street R y .— Stock Authorized .—
The Mass R R Commissioners on O ct. 9 authorized the Issue of $330,000
additional stock to build the State line extension.— V . 95, p. 967.
Boston & Albany R R .— Equipm ent T ru sts .—
See New Y ork Central &Hudson R iv er R R . below .— V . 95, p. 235, 175.
Boston & Providence R R .— Bonds Authorized .—
The stockholders on Oct. 9 authorized the issue o f $8,000,000 1st M.
4 % sinking fund gold bonds to equip the road electrically and construct
additional tracks an l eliminate grade crossings In accordance with the pro
visions o f Chapter 670 of the Acts o f 1912.— V . 95, p. 817, 678.
Brazil R y .— New Bonds Offered in F ra n ce .—
Subscription books were opened In Paris on Oct. 5 at the Soclcte Gencrale
and the Has at 900 for 100,000 of a new Issue o f 150,000 4 H % bonds of
500 francs each, secured b y the first m ortgage o f 1909. (Empire Trust
^ °T h c auth. issue’ under tills m tve., originally £7,500,000, Is now £ 1 5 ,000,
000, o f which there had already been sold prior to the aforesaid offering,
£8,031,793. R edeem able July 1 1969 or b y sinking fund at or below 10a
and int. beginning in 1914. In t. J. & J. See V . 95, p. 360, 480.
Brazilian Traction, Light & Power Co .— B on d s.—
See Sao Paulo Elec. C o., L td ., under “ Industrials” below .— V . 95, p. 968.
Brooklyn Rapid Transit Co.— Consolidation o f Subsid’s .—
Sec Brooklyn Union E levated’ R R . below .— V . 95, p . 817, 294.
Brooklyn Union Elevated R R .— Merger.—
Tile stockholders o f the com pany and of the Sea Bench R y . and Canarsle
R R . will m eet on N ov. 7 to adopt an agreement for the consolidation of
the 3 com panies, in com pliance with the terms o f the .w a r d under which
S ection.— V . 90, p. 1295.
Burlington (la .) Railway & Light Co. •B o n d s O f f e r e d .—
The Equitable Trust Co. of New York, Spencer Trask & Co.
and W m . Morris Imbvie & Co. are offering the small unsold
balance of S I,400,000 1st M. 5 % bonds at 9fij/j and int.,
yielding about 5 .3 0 % . These bonds are a first mortgage on
all property and franchises now owned or hereafter acquired.
Chartered accountants report that the net income for 1911
was $151,708, or more than twice the interest charges on
the 1st M. 5 % bonds now outstanding. See advertisement
on another page of this issue an l letter of President Higbec
in "Chronicle” of Sept. 14, p. 078, 079.
Canadian Northern Montreal Tunnel & Terminal Co., Ltd.
— S t o c k .— Supplementary letters patent dated Sept. 10 1912
have been issued at Ottawa, increasing the capital stock from
$50,000 to $5 ,000 ,00 0, par $100. Sec V . 95, p. 235.
Canadian Northern R y . — O f fe r i n g o f 5 % I n c o m e C h a r g e
C o n v e r t i b l e D e b e n t u r e S t o c k .— The company offered for sub
scription in London, from Oct. 7 to Oct. 9, at 1 0 0 % , £ 2 ,
057,012 (or $10,000,000) 5 % income charge convertible
debenture stock, the balance of an authorized issue of £ 5 ,
144,030 (or $25,000,000), part of an issue limited as within
mentioned. An advertisement says in part:
The- trust deed entered Into with the British Empire Trust Co., L td .,
o f England, and the National Trust Co., L td ., o f Canada, provides that
the total am ount o f the 5% incom e charge convertible debenture stock
shall not exceed $10,000, or £2,057, per mile of the com pany s railway.
R o"istcrablc In London and T oronto R epayable at par on May 6 1930,
or at any time on or after May 6 1020 on 6 m os.’ notice from the com pany,
at Canadian Bank of Commerce In London, In sterling, and In doron to in
dollars
The interest, which Is contingent on the annual profits of the rail
way will bo payable by warrant half-ycarlv on May 2 and N ov. 2, In stor
ing as regards stock on the London register, and In dollars as regards
stock on the Canadian register. In England, transferable In sums o f £1
and multiples thereof. On Jan. 1 1916 and on each subsequent J. & J. 1 un
til Jan. 1 1919. the holders will have the option, on 60 days’ notice, of con
verting their stock Into fully-paid ordinary shares at the fixed rate o f $100,
or £ °o 11s. 5d., of this stock for each $100 of shares. Fractions o f £1 will
be ad lusted in cash at par. [V. 90, p. 1674: V. 01, p. 1322; V. 92, p. 1031.1
The com pany Is at present operating 4,447 miles, which Includes 644 miles
o f leased lines. In addition, about 200 miles of new branch lines have been
com pleted and will shortly be opened for traffic, and over 600 miles more
arc under construction, a large proportion o f which will he com pleted
during the com ing season.
hie debenture stock, and an iixca enarges, amouiueu to
t or
the tw o months from July 1 1912 to Aug. 31 1912 the gross earnings
am ounted to S3.575,500 and the net earnings to $865,400, an increase over
the previous year of $679,000 and $189,100, respectively. [A press report
says that, as was natural under existing market conditions, the underwriters
had to take up 77% of this offe rin g — Ed.]— V . 05, p. 235, 47.
Central Park North & East River R R ., N. Y .— Committee.
Anson B. Moran (of Williams, Nicholas & Moran), H enry N. Curtis (of
Geo. II. Prentiss & Co.) and George F. Morgan request stockholders to
attend a m eeting to he held In room 618, 25 Broad S t., on Monday next
at 3 o^clock, to take action to p rotect their interests.— V . 95, p. 968.
Central Vermont R y .— E arnings .4 June SO.
Year—
Gross
Earnings.
1911-12 ___ $4,135,832
1910-11_____ 4,337,014
— V. 95, p. 749.
Net (after
Taxes, A c . ) .
$677,510
762,605
Other
Income.
$53,720
43,720
Fixed
Charges.
$718,277
716,133
Balance,
Surplus.
$12,953
90,251
Chesapeake & Ohio R y .— Fine f o r Rebates .— •
Judge Mayer in the Criminal Branch o f the U. S. District Court In this
city on Oct. 15 Imnoscd a fine of $1,500 and sentenced to a d a y ’s Imprison
ment Harold R. W akem o f the firm o f W akem & McLaughlin, Inc., freight
forwarders o f New York and Chicago, for taking rebates. This is said to
he the first tim e within the know ledge o f the U. S. A ttorn ey's office that
imprisonment has been imposed for a similar offence.
William L. Divine, general Importing freight agent of the com pany, was
earlier In the month fined $15,000 on Ills pica of guilty o f giving rebates.
It was alleged that Divine, on behalf o f the road, entered Into an agreement
with W akem A McLaughlin whereby the latter received a m onthly consid
eration for which it reduced the transportation charges o f shippers whose
freight they handled, the firm in return sending all of Its shipments between
New York and Chicago by the C. & O .— V . 95, p . 743, 757, 358.
Chesapeake & Ohio RR.
-Lease o f Small R oad .—
,
The stockholders will vote at the annual meeting on O ct. 23 on ratifying
the lease of the Island Creek R R ., dated April 5. The latter is owned by
the Island Creek Coal Co. and extends from Ilolden to Logan, W . V a., 5
miles.—-V* 95, p. 7o7, 743, 358.
Chicago & Eastern Illinois H R .-— Application to L ist. —
The New York Stock Exchange lias been requested to list
$5,031,000 purchase money 1st lien 5 % bonds of 1942 (of
which $2,080jOOO^wcrc offered by Kuhn, Locb & Co. in Feb.
1039
T H E C H R O N IC L E
O C T. 19 1 91 2 ]
last, V . 94, p. 629), the remainder having been recently
sold.— V . 95, p. 749, 110.
Chicago’ s New Union Passenger Station.— Purchase.—
The Pitts. Ft. W . & Ch., the Pitts. Cin. Ch. & St. L . (both Pennsylvania
R R . lines), the C. B. & Q ., the Ch. Mil. & St. P. and the C. & A lton, which
are jo in tly interested In the proposed new station (V. 95, p. 543), have pur
chased from the Chicago Utilities Co. the Chicago D ock Coal property on
the Chicago R iver for $3,500,000.
The follow ing is confirm ed: "T h e property purchased comprises
practically six acres and has a frontage o f 404.28 ft. on the west side of
the Chicago R iver, 698.95 ft. on T aylor S t., 389.45 ft. on Stewart A v ., the
north line being 596.4 ft. The land Is occupied m ainly b y buildings be
longing to the A lbert Dickinson Co. The property was purchased b y the
Illinois Tunnel Co. from the Chicago Dock Co., the stock of which Is held
b y the A lbert Dickinson Co., In July 1904 for $2,500,000, with a view to Its
occupancy and use as a freight terminal In connection with the subw ay o f
that com pany. It is stated that the Chicago Utilities Co. Is to acquire land
elsewhere to be used for the terminal which It has designed to construct
upon the land ju st sold. The extent o f the purchases for the new union
terminal continues to be a m atter o f conjecture. The purchase just men
tioned, along with the Crane holdings lying between Stewart A v. and Canal
S t., and extending practically from 12th St. to 15th., for which $4,000,000
was paid, m akes an aggregate o f $7,500,000. The Chicago D ock m ortgage
o f $016,000 (now $609,000) will follow the property; the second m ortgage
will be,discharged. Compare V . 95, p. 543.
Chicago & North W estern R y .— Acquisition A p proved. —
The stockholders on O ct. 17 approved the merger of the St. Paul Eastern
Grand Trunk R y ., whose capital stock has been all owned (V. 95, p. 419).
— V. 95, p. 743, 755, 419.
Chicago Utilities Co.— Dock Property Brings $3,500,000.—
See “ Chicago’s New Union Passenger S tation” a b o v e .— V . 95, p. 889.
Chicago & W estern Indiana R R . — New Mortgage F iled .-—
The company has filed its new "first and refunding” mort
gage for an authorized $200,000,000 to the Bankers Trust
Co. of New York, as trustee. Compare V . 95, p. 419, 749.
Clarksburg Northern R R .— Reported Sale.— Press dis
patches state that the road has been sold to New York parties,
representing, it is surmised, the Pennsylvania R R .
The line is uuder construction from New Martinsville, W . Va., to Middlebourne, 13 miles, and m ay be extended to Clarksburg.— V . 93, p . 1785.
Cleveland Cincinnati Chicago & St. Louis R y .— Paym ent
o f Bonds .— The $500,000 Indianapolis & St. Louis R y. 1st M.
6 % bonds maturing N ov. 1 will be redeemed on and after
that date at the office of the Treasurer, at the Grand Central
Terminal. Coupons will be paid as usual at J. P. Morgan
& Co.— V . 95, p. 890.
Columbus Newark & Zanesville Electric R y .— B ond s. —
Arrangements have been m ade with Drexel & Co. of Philadelphia b y
the Ohio Electric Ity., lessee o f the Columbus Newark & Zanesville Elec
tric R y . C o., owners of the Zanesville Hallway Light & Power C o., to pur
chase, on and after Oct. 15, the $750,000 consolidated M. 5% bonds matur
ing on that date, with coupon due O ct. 15 attached, at 102 H . Paym ent
will he made on presentation of the bonds on and after that date to the Cen
tral Trust & Safe Deposit C o., Cincinnati. Compare V . 95, p. 890.
Commutation Rates.— A ppea l to Highest N . J . Court.—
The Pennsylvania, West Jersey & Seashore, N . J . & N . Y ., and Eric
and N . Y . Susquehanna & Western on Oct. 7 filed an appeal to the Court
of Errors and Appeals of N . J. from the decision of the Supreme Court
confirming the order o f the State P ublic Utilities Commission that com
panies within New Jersey must give special rates for com m utation between
points within the State. Compare V , 95, p . 175; V . 93, p . 1105.
Cripple. Creek Central R y .— Earnings.—
June 30
Gross
Year—
Income.
1 91 1 -1 2 ____$284,497
1 91 0 -1 1 ____ 221,508
— V. 94, ]). 1316, 123.
Expenses
Pref. D ies.
N . Y . Office.
(1 % )
$14,038
$120,000
14,799
120,000
Com. Divs.
(1 % )
$25,000
- ..........
Balance,
Surplus.
$12o,459
86,709
Detroit Toledo & Ironton R y .— Sale Adjourned to Jan. 13.
— The foreclosure sale which had been adjourned to Oct. 8
was further postponed to Jan. 8 1913 ( not Jan. 9, as pre
viously reported).
The adjournm ent was ordered b y the U. S. District Court and made
upon application of the junior lien holders. The sale of the road will have
to he rc-advertlsed. Before publication begins, Special Master Commissioner
Elm er W . Voorheis, It Is stated, will recommend to the Court that the upset
price be Increased from the am ount now fixed, $2,500,000.
The Commissioner will also report to the Court before rc-publication
commences as to an apportionm ent o f the expenditures and obligations
of the receivership between different parts o f the road, including also the
Ohio Southern.— V . 95, p. 890, 815.
Georgia R R . & Banking Co.— Strike Ended. —
T he strike, which lasted for several weeks, causing a severe disturbance
to business along the road, was called off on Saturday night last. Com
missioner of Labor Charles P. Neill, a m ediator between the com pany and
the striking m en, reached an understanding that the cases involving the
tw o men on account of whose dismissal the strike was called, would go
to arbitration.— V. 92, p. 795.
Gettysburg & Harrisburg R y .— P a ym en t o f B onds. —
The $250,000 1st M. 6s due O ct. 1 are being paid off as fast ns presented,
m ost of them having been already retired.
A like amount of consoli
dated M. 5s is being issued In their place. This Increases the amount of
cousols outstanding to $465,000, the $250,000 originally Issued having
been guaranteed by old Phlla.& Reading R R . (foreclosed).— V . 61. p. 82.
Grand Trunk Terminals
Warehouse
Co.— Plans off.
T he plans of the com pany, which involved the establishment o f a ware
house system at im portant distributing centres located on the lines of the
Grand Trunk and Grand Trunk Pacific railways, have, It Is announced, been
abandoned. Subscribers to the bonds will receive back the amount already
paid with Interest at 6 % , plus a premium of 1 % . V . 95, p. 621, 114.
Illinois Central R R .— N ew Director— Equipm ent. — ■
Phillip Stockton has been elected a director to succeed John Jacob Astor,
deceased, for the term expiring in 1915.
A resolution was passed by the stockholders recom m ending the purchase
of additional coal cars, 6,000 if necessary.— V . 95, p. 823, 811, 618.
Kansas City Southern R y .— Equipm ent N otes. — Blair &
Co., New York, have agreed to purchase $1,500,000 equip
ment trust 5 % gold notes, series D, maturing in equal in
stallments semi-annually during 12 years, and to cover 15
locomotives and 1,300 freight cars.
Kansas City Southern R y .— Equipm ent Notes Called.— U
The $432,000 4J ^% equipment gold notes, series A , maturing
at dates later than Nov. 1 have been called for payment at
par and int. on that date at the office of Blair & Co., 24
Broad St., N . Y .— V . 95, p. 904, 887, 814.
Laramie Hahn's Peak & Pacific R y .— Status.—
In addition to the default In paym ent of Interest due Oct. 1 on the $ 1 ,
536,000 first refunding M. 6% bonds, there was a default in Interest due
July 15 on the $1,000,000 7'% unsecured notes and on June 15 on the
$500,000 outstanding general M. bonds. The protective com m ittee for
the junior security holders (V. 95, p. 891) are endeavoring to prevaiUon
the holders o f the $9,000,000 com m on and $l,000,000„unsecured notes
1040
T H E C H R O N IC L E
and $500,000 general M. bonds to m eet paym ent of Interest through a vol
untary assessment to prevent foreclosure sale of property.— V. 95, p. 891.
Little Miami R It.— Bonds to B e Paid at M aturity N ov . 1.—
The outstanding $1,500,000 1st M. 5% bonds maturing N ov. 2 1912 will
be pai-1 on presentation on and after that date at the Bank o f A m erica,
N. Y .— V. 95, p. 750.
Long Island R R .— Sale o f Right o f W a y to C ity .—
See “ Itapld Transit in N . Y . C ity” below .— V . 94, p. 1115,' 1057.
Louisiana & Arkansas R y .— Earnings .—
June 30
Gross
Net (after Other
Interest,
Dividends
Balance,
Year. Earnings. Taxes). Income. Rents, A c .
P a id.
Surplus.
1911-12 _$1,495,111 $487,440 $38,461 $308,292 (1 M % ) $82,500 $155,109
1910- 11 - 1,432,638 486,745 49,527 268,916 (2 >$%) 118,750 148,576
— V . 93, p. 1726, 726.
Louisville Henderson & St. Louis R y .— Earnings. —
Year.
Gross
Net(after Other
Interest, Balance,
June SO—
Earnings.
Taxes). Income. Rents,&c. Surplus.
1911- 1 2 ______ _____ ...$ 1 ,2 7 9 ,4 6 9 $260,591 $2,861 $230,143 $33,309
1,214,693 230,529 3,252
217,016
16,765
1 910-11.......................
— V . 94, p. 207.
Louisville & Southern Indiana Traction Co.— Control .—
See Middle W est Utilities Co. below .— V . 81, p. 1792.
Marinette Tomahawk & Western R y .— Sale.—
The road was sold at auction for $200,000 at receiver’s sale on Oct. 15 to
It. B. Tw eedy, General Manager of the Bradley Interests. The sale is sub
ject to confirm ation by the Court.— V. 95, p. 420.
Middle W est Utilities Co., Chicago .— Authorized D ata .—The capitalization now consists o f $6,000,000 com m on stock and $4,
000,000 6% pref. stock, of which about 25% Is held In Great Britain. The
com pany has recently acquired gas, water, electric traction, power and
light properties and franchises In Illinois, Oklahoma and K en tu cky, and Its
properties now include the Louisville & Northern R y. & Lighting Co.,
the Louisville & Southern Indiana Traction Co., the Freeport (111.) R y. &
Light Co., the New A lbany W ater Co. and the United Gas & Electric Co. of
Southern Indiana. (V . 85, p. 1466, 737). See V . 95, p. 481.
New York Central & Hudson River R R .— Com pany to
M ake $7,500,000 Equipm ent Trust fo r Benefit o f Boston &
Alba ny — Present Issue to be $5,500,000— N . Y . N . I I . & I I.
RII. to M eet H a lf the Paijments and Own H a lf the E q uipm ent .—
Vice-Pres. Albert H . Harris of the N . Y . Central pronounces
the following (from the “ Boston News Bureau” ) to bo correct:
In regard to the New York Central-Boston & A lbany equipm ent trust,
it is intended that the trust agreem ent and the leases shall be executed by
the New York Central and that there shall be a separate contract between
that com pany and the N. Y . New Haven & Hart. R R . Co. providing that
the New Haven shall furnish one-half of all the m oney required to m eet the
payments under the trust and also the Initial paym ent, &c.; and that,
having done so, It shall becom e the owner of one-half of the equipm ent.
The equipm ent Is to be assigned to Boston & A lbany service.
While the total amount of 4 H % certificates which may be issued is
$7,500,000, It is Intended to Issue presently about $5,500,000. The balance
will be reserved for later use in the purchase of additional equipm ent. The
trust agreem ent will be dated Oct. 1 1912 and with the leases will run to
Oct. 1 1927. A proportionate amount of certificates will be paid and re
tired on Oct. 1 In each year. It Is proposed to Issue certificates up to 90%
o f the cost o f the rolling stock. [The N. Y . P. S. Commission has sanc
tioned the Issue of the first $5,500,000 of these equip, trusts on account
o f the follow ing equipm ent ordered last July at a cost o f abou t $6,000,000
4,000 box, 800 general service gondola, 400 flat and 100 Hart convertible
ballast cars, 20 steel passenger, 8 steel postal and 3 steel dining coaches
and 21 locom otives— all to be delivered prior to 1913.— V. 95, p. 968.
New York & Harlem R R .— Special Franchise Reduced.—
The Court of Appeals on O ct. 15 affirmed the decisions o f the lower courts
which adopted the referee’s report reducing the assessment Imposed on
the com pany for special franchises for the years 1900 and 1908. The
State Board of T ax Commissioners In 1900 fixed the values of the special
franchise at $12,192,000 and In 1908 at $12,399,400. A fter hearing, the
T a x Commissioners reduced the valuation of 1900 to $10,192,000. In
proceedings b y certiorari to review the assessments, the referee reduced the
assessment of 1900 still further to $6,828,640 and the assessment of 1908
from $12,399,400 to $10,606,075.— V . 95, p. 47.
New York New Haven & Hartford R R .— Equipm ent T r .
See New York Central & Hudson R iver R R . above.
Proposed Sale o f Steamship H oldings. — In regard to the
sale of the company’s steamship holdings, which, it is re
ported, is proposed, to comply with the Federal law recently
passed, President Mellen says:
There Is under consideration the sale of our stock in the New England
Steamship Co. (form erly the water lines of the New England Navigation
Co.) to the Eastern Steamship Corporation. It has not yet been concluded.
Paym ent of B on d s. — The $290,000 Roxbury^ Central
Wharf 5 % bonds were paid off in cash on Sept. 1. The $500,
000 Winchester Ave. RIt. IstM . 5 % s will be retired Nov. 1.
Construction.— The directors, it is reported, have decided
to proceed immediately with the construction of the West
chester Northern, which is virtually a continuation of the
New York Westchester & Boston R y ., at a cost of $6,000,000
to $7,000,000.
The road Is projected from the W hite Plains Terminal o f the New York
W estchester & Boston R y ., thence northerly through the towns o f Harri
son, North Castle, B edford, Pound Ridge, Lewlsboro, In W estchester County
and through the towns o f Greenwich, Ridgefield and Danbury In Connecti
cut, to connection with the N . Y . New H aven & H artford in Danbury.
— V . 95, p. 963, 818.
New York State Railways.— M erger
Authorized.— The
P. S. Commission has authorized the company to merge the
Utica & Mohawk Valley R y ., Oneida R y ., Syracuse Rapid
Transit R y. and the Rochester & Suburban R y. companies.
The New York State Railways has already acquired all o f the outstand
ing stock of each of these com panies. The authorization is made upon the
condition that the New York State Railways shall so keep Its books and
accounts that the operation of the several systems now belonging to each
o f the companies merged shall be shown separately and In a manner ap
proved by the Commission, and that the separate accounts shall be re
ported annually at the same time as the annual report of the New York State
Railways to the Commission.— V . 95, p. 361, 48.
New York Westchester & Boston R y .— Proposed Extension.
.See N . Y . New Haven & Hartford R R . a b o v e — V , 95, p . 298, 48.
Norfolk Southern R R .— New Officers Chosen.—
Richard II. Swartwout has been elected Vice-Pres. for one year to succeed
Frederick H off. James T . A very has been made Asst. Sec. In place of
Nelson W . Runnlon. The executive com m ittee consists of Marsdcn J.
Perry, Chmn.: T . L . Chadbourne J r., F. A . Vanderllp, R ichard II. Swart
w out, A lvin W . Krech and Philip A llen.— V . 95, p. 968, 481.
Norfolk & Western R y . — Acquisition A p p roved .—
The stockholders on Oct. 10 authorized the purchase o f the Columbus
Connecting & Terminal R R ., which has been long con trolled .— V . 95, p.
686, 676, 619.
Oneida (N. Y .) R y .— M erger. —
See New York State Railways above.— V . 84, p. 1428.
Public Utilities Co. of Evansville, In d.— D ecision.—
Circuit Judge William Blakey on O ct. 14 sustained the demurrer of the
com pany In the suit brought b y Prosecutor Sappenfleld for a dissolution of
[V O L . L X X X X V .
the com pany, holding that the consolidation is In accordance with the
statutes. The merger was opposed because it was alleged that It destroyed
com petition In electric light.— V . 94, p. 1627.
Puget Sound Traction, Light & Power Co.— R a tified .—
The stockholders on Oct. 16 autuorized the Issuance of $1,136,400 addi
tional preferred stock to be offered to stockholders of record Oct. 16 at par.
each stockholder o f 25 shares o f both classes being entitled to subscribe to
one share of new preferred stock. Paym ent Is to be m ade In two install
ments, o f $50 each, on Dec. 2 1912 and Jan, 16 1913.— V . 95, p. 891.
Quebec Railway, Light, Heat & Power Co.—
M. J. O’ Brien and H ughD ohcny, contractors for the construction of the
line of the Quebec & Saguenay R y. from St. Joachim to Murray B ay, on
Oct. 9 petitioned the Lieutenant-Governor In Council for permission to place
the com pany In liquidation in order to secure the paym ent of $850,000
claimed to be due them for work on the road’s construction.— -V. 95, p. 8 15.
Rapid Transit in N ew York City.— Agreem ents.—
Chairman W illcox o f the P . S. Commission on O ct. 14 announced that the
Long Island R R ., through President Peters, had agreed to sell to the city
the Evergreen right o f way o f about 3 miles, extending from Johnson A ve .
to Manhattan Crossing, East New York, for less than $750,000, and that
in consequence W yck off A v e . will be abandoned as part o f the Eastern
District subway route.
The East New York extension of the subway will be run through the right
o f way In an open cut, similar to that o f the Brighton Beach division of the
B.
R . T . system now . Several million dollars, it is stated, will be saved
to the city as a result of the agreem ent. Mr. W illcox says: “ Estimates
have been m ade o f the cost o f building an elevated road through W y ck o ff
A ve. and also o f the amount of damages which the city would have to pay
in the event of such construction. The price at which the L ong Island
R R . Co. now offers to sell this right of way Is very m uch less than would
be the item of damages alone on the line first proposed.” — V .9 5 ,p .4 2 0 .
Reading Co.— New Officers and Directors.— George Zieg
ler, formerly Comptroller, has been elected Vice-Pres. of
this company to succeed W . R. Taylor, who resigned, and
also Secretary of the Philadelphia & Reading.
Jay V . Hare, form erly ch ief clerk, succeeds Mr. T aylor as Secretary'and
also becom es Asst. Sec. o f the Phila. & Reading, a new ly-created position.
W illiam H . W hite becom es Com ptroller o f both com panies as successor to
Air. Ziegler. W . H. MacEwan and D. W ilson take Mr. T a ylor’s place as
directors o f the various subsidiary com panies.— V . 95, p. 829, 811.
Rochester (N. Y .) & Suburban R y .— M erger .— ■
See New York State Railways above.— V. 80, p. 1729.
St. Louis Rocky Mountain & Pacific Co.— New O fficer .—
Jan Van H outen, former Vice-Pres. and Gen. M gr., has been elected
President to succeed Henry Koehler J r., deceased.— V. 95, p. 619, 298.
Savannah (Ga.) Electric Co.— Guaranteed Note Issu e. —■
See Savannah Power Co. under “ Industrials” below .— -V. 86, p. 920.
Syracuse (N. Y .) Rapid Transit R y .— M erger .—
See New York State Railways a bov e.— V . 94, p. 768.
Tennessee Kentucky & Northern R R .— Officers .— •
The following officers o f this newly reorganized com pany havo been
elected: P rcst., George A . Clark; V.-Prest. & Gen. Counsel, C. C. Trabue;
Sec., Treas. & A u d ., W . II. Thom pson; General office, Nashville, Tcnn.
— V. 95, p. 481.
Tidewater Southern (Electric) R y .— Securities A u th . —The California R R . Commission has Issued a supplemental order allow
ing the com pany to Issue stock, holding that the violations of the Commis
sion’s order were due to misinterpretation. The amended order permits
the Issuance of 3,253,085 shares of com m on stock, of which 2,000,000 shares
are for voting purposes only and 57,110 of preferred stock, cxhangeable for
com m on.— V . 95, p. 818, 237.
Toledo (0 .) Railways & Light Co.— P la n .— A plan of re
organization has been definitely agreed upon by the com
mittees representing the bondholders, secured creditors and
stockholders. The successor company will be a holding
company (probably “ Toledo Light & ltys. Co.” ), thus avoid
ing the delays incident to foreclosure; and some $2,000,000,
it is said, will, in the near future, be provided for improve
ments, extensions, &c. Henry L. Doherty & Co., N . Y . , have
agreed to underwrite the stockholders’ subscriptions and to
assume the management for five years. A large block of
the stock, and possibly a controlling interest, will be owned
by the Utilities Improvement Co., which Doherty & Co. are
organizing. See that company below.
The reorg. com m ittee was appointed under agreement o f May 12 1908
to represent holders of the " 4 % consol. 1st M. bonds” and secured debts
and claims, and there has been deposited with the N. Y . Trust C o., as
depositary, over $4,600,000 4 % consols out o f a total o f $4,866,000 and
over $600,000 secured notes out of $1,200,000. The Comm ittee owes
$490,000 fo r mpneys borrowed and advanced to or for the account of the
com pany or used in the acquisition o f securities o f the com pany or Its sub
sidiaries and for expenses. The plan has been unanimously approved by
members of the stockholders’ com m ittee form ed April 23 1909.
Securities to be Acquired by the New Company.
(a) The $6,000,000 consolidated 5% gold bonds o f T oled o Traction Co.
(b) All of the 4 % consol. 1st M. bonds, shares of capital stock and other
securities and obligations o f the T oledo Railways & Light Co. deposited or
acquired under the plan.
(c) The $500,000 1st consol, and ref. 5s of T oledo & Western R y . Co.
(d) AH the following stock and bonds (and any other obligations o f the
cos. owned) owned by T oledo Railways & Light Co., v iz.: (a) $.>00,000 2d
AI. 4 y%% bonds and all o f the $500,000 cap . stock o f Maumee Valley R y .
& Light C o.; (b) $450,000 1st AI. 5% bonds and all o f the $500,000 cap.
stock o f Toledo Ottawa Beach & Northern R y . C o.; (c) all of the $2,000,000
stock o f T oledo & Western R y .; (d) bonds and stock o f Adrian S t. R y . Co.
In event o f all the 4 % con sol. 1st AI. bonds and all the capital stock o f
the com pany being deposited or acquired under the plan, the new com pany
will receive and own securities and obligations to approxim ately the par
value o f about $32,000,000.
Character of New Securities.
1. First Lien 6% 5-Year Collateral Trust N otes.— Authorized, $7,500,000.
of which $1,500,000 will bo reserved for improvem ents, extensions and
additions to the properties o f the five com panies (whose stock, bonds, &c.,
are to be pledged as security for the Issue, sec below) to an amount at par
of 75% of the actual cost o f such betterm ents, improvem ents, extensions
and additions. Will be dated Jan. 1 1913 and due Jan 1 1918, but redeem
able, at election of new com pany, on any semi-annual interest date at par
and lnt. W ill be secured by pledge of all of the stock, bonds and other
obligations o f the Toledo Railways & Light Co., the Maumee Valley R y.
& Light Co., the Toledo Ottawa Beach & Northern R y . Co., the T oledo
& W estern R y. Co. and the Adrian Street R y . C o., acquired by the new
com pany. Total auth., $7,500,000; reserved as above, $1,500,000. Now
to be Issued and so ld ____________________________________________ $6,000,000
2. Second Lien 6% 5 - Year Collateral Trust N otes.— Authorized issue,
$1,200,000, all to be Immediately Issued. Par $1,000. Dated Jan. 1 1913
and due Jan. 1 1918, but redeem able, at election of new com pany, on any
semi-annual interest date at par and lnt. Secured by 0 ) a second lien on
all the securities and obligations pledged under the first lien collateral
trust Indenture,” and (2) by pledge of $1,200,000 prof, stock and $1,200,000
com m on stock of the new com pany, said stock to be subject to sale by the
new com pany, the pref. stock at not less than $80 per share and the com m on
stock at not less than $20 per share, the proceeds to be used for or towards
the liquidation of the notes. Total .auth. amount Issuable forthwith to
acquire $1,200,000 secured gold notes of T ol. R ys. & Lt. C o------$1,200,000
3 . Preferred (p. A d.) Stock.— Beginning Jan. 1 1014, entitled, In Drlorit^
over the com m on stock, to receive out o f net profits, or surplus applicable
thereto, cum ulative dividends at rate of 6% per aim ., and no more, payable
O c T ; 1 9 1 9 1 2 .]
TH E C H R O N IC L E
1041
quarterly or semi-annually. The new com pany shall not. without the con was claim ed, had been put out without consideration b y the form er owners,
sent of a m ajority o f the outstanding pref. stock, authorize or Issue any raising the issue at that time to $700,000. There are now $1,074,000 bonds
stock having equal or superior rights to said pref. stock nor any Increase o f the issue outstanding.— V . 95, p. 619, 362.
o f the m ortgage or secured Indebtedness requiring authorization by the
^ Wisconsin Minnesota & Pacific R R .— Extension o f T im e .—
stockholders. All o f the pref. stock, but not a part thereof, may be retired
or redeem ed, at par and accrued dividends, at any tim e, at the election o f a The protective committee for the 50-year 1st M. 4 % gold
m ajority in amount of the com m on stock when and If such pref. stock may
lawfully be redeem ed or retired. Same voting rights as com m on stock. bonds, J. N . Wallace, Chairman, has extended the time for
Total auth. $8,000,000 (In $100 shares), applicable as follows:
making deposits with the Central Trust Co. of N . Y ., as de
Reserved for deposit under Indent, securing 2nd lien n o te s .$1,200,000 positary, from Oct. 15 to Oct. 30.— V . 95, p. 892, 681.
Issuable In exchange for old securities and for assessment____ 6,056,625
Reorganization expenses or treasury o f new com p a n y___________
143,375
4.
Common Stock.— Authorized Issue, $9,200,000 (in $100 shares), viz.:
Reserved for deposit under Indenture securing 2nd lien n ote s.? 1,200,000
IN D U ST R IA L , GAS AN D M ISCELLANEOUS.
Issuable in exchange for old securities and for assessment____ 5,966,250
Commission for underwriting the stockholders’ subscriptions__ 1,000,000
Alexandria
County (V a.) Lighting Co.— Control .—
Reserved for com pensation for supervision and management of
See Municipal Service Co. below .— V . 95, p. 681.
properties for five years______________________________________ 1,000,000
Reorganization or to be returned to treasury o f new c o m p a n y ..
33,750
Amalgamated Copper Co.— On 6 % B a sis. — A quarterly
. The reorganization com m ittee reserves the right to create a voting trust dividend of 1 ^ % has been declared on the $153,887,900 stock,
for. pref. and com m on stock to continue to Jan. 1 1918, but term inable at
payable N ov. 25 to holders of record Oct. 26, comparing with
any time at the election of a m ajority of the voting trustees.
of 1 % ) from
Terms of Exchange.
-------------------- To be Exchanged for----------------------- 1 % in May and Aug. last and 50c. per share
Prtn. of Exist. Securs. Amount
2nd Lien
Preferred
Common
Feb. 1908 to Feb. 1912. This increases the yearly rate
(Overdue Coup. Alt.)
Out.
Notes.
Slock.
Stock.
from 4 % to 6 % .
Tol. Rys. & U . Co.:
Previous Dividend Record (Per Cent.)
Secured notes.....Sl,200,000 100%-$1,200,000
D IV ID E N D S . ’00. ’01. ’02. ’03. '04. ’05. ’06. '07. ’08 t o ’ l l . 1912. |
.............. . 100%-$4,866,000
4% consols_______ 4,866,000
Per ce n t_______
8 7^2K
2
2 4M 7
7
2 yearly.
4 •
S tock.................. ..13,875,000
.......... .................................... 13%-S1,803,750
— V . 95, p .8 1 9 .
D o ., also, on paying
$7 50persh.(7H% ) .......................................... 7H%-S1.0tO,625 30%-4,162,500
American Bank Note Co.— Second Extra Dividend .—
Gen. Elec Co. claim 315,000
..................
lll% -350,000
An extra dividend o f H o f 1% (the same am ount as in A ug. last), in ad
Gen.M. 5s, T .& W .lly ............
500,000
80%-400,000
dition to the regular (quar.) 1 % , as m aintained from A ug. 1906 to A ug.
Holders of the $1,200,000 secured notes will also be entitled to receive
1912, incl., has been declared on the $4,495,898 com m on stock, both paya
cash for all Interest due to Jan. 1 1913.
ble N ov. 15 to holders of record N ov. 1.—-V. 95, p. 237.
The-$6,000,000 Toledo Traction Co. 5s due Jan. 1 1913 arc to be taken
American Locomotive Co., New York.— B usiness. — As is
up with cash.
The following securities
remain undisturbed: 4%
bonds o f the Toledo Gas Light & Coke C o., $150,000, payable at any well known, this company is participating in the marked
tim e; 5% bonds of the Toledo Heat & Lighting C o., $336,000, due Jan. 1
1921, and 5% consol, bonds of T oledo Gas, E lectric & Heating Co., $1, revival of the past few months in tne railroad equipment
905,000, due O ct. 1 1935, o f which $108,000 owned by T ol. R ys. & L t. C o.; business.
The following from an exchange journal is pro
T oledo & Maumee 1st 5s, due Mch. 1 1920, $300,000, T oledo & W estern
1st 5s, due July 1926, $1,250,000 and $250,000 T oledo, F a y .& W . 1st 5s nounced “ conservative” :
Including the Montreal plant, the American L ocom otive Co. is reported
................. $6,740,000 Estimated Cash Requirements lo f Plan.
to be operating between 85% and 90% o f capacity. Earnings for the
T o purchase the 5% consols, o f T ol. Trac. C o .,d u e Jan. 1 1913_.$6,000,000
T o redeem the loans o f the com m ittee__________________________
490,000 Sept, quarter were equal to a com fortable percentage on the com m on
stock, but there Is no reason to suppose that dividends on the com m on
Additional expenses (compensation to com m ittees and deposi
stock will be resumed In the near future. Compare V .95, p. 615.
taries, organ, o f new co ., preparation o f securities, & c .)____
250,000
Cash resources o f reorganization: (a) Proceeds of sale o f the $6,000,000
first lien 6% 5-year collateral trust notes, $5,700,000; subscriptions of
stockholders o f the T . R ys. & Lt. Co., $1,040,625; tota l______ $6,740,625
The firm o f H . L. D oherty & Co. have underwritten and agreed to take
and pay for ah the stock o f the new com pany not subscribed and paid
for b y the stockholders o f the Toledo Rys. & Lt. Co. under the privileges ac
corded them, and have agreed to assume the responsibility for the efficient
management and operation of the properties for a period of five years.
R corg. Com m ittee: J. R . Nutt, Norman 13. Ream , C. Lcdyard I31air,
John Shcrwln, II. P. McIntosh, W m . 13. Hale and W . L. McKenna, with
W . W . Miller as Secretary, 24 Broad St.. N. Y . C ity.— V . 95, p. 908, 681.
Toronto Hamilton & Buffalo R R .— N ew Stock— 2 0 % D iv.
• The directors last week authorized the issue of $1,000,000 additional
stock to provide for Improvements and betterm ents. A cash dividend of
20% ($500,000) was also declared on the $2,500,000 outstanding stock,
$1,821,300 of which Is held by the N. Y . Central system and $678,700 by
the Canadian Pacific. An increase from $2,500,000 to $5,000,000 was
authorized last spring, this being the first block of the new stock Issued.
— V . 91, p. 1121.
United R ys. of the Havana & Regia Warehouses.— Dtp.
A dividned of 4 \i % has been declared on the ordinary stock from the
profits of the recent fiscal year, com paring with 4 % In the 2 preceding years
and 2% in the year 1908-09.— V. 95, p. 421.
Utica & Mohawk Valley R y .— M erger .—
See New York State Railways above.— V . 94, p. 828.
Virginia Railway & Power Co .— New President .—
Thomas F. W heelwright of R ichm ond, V a., form erly V .-P res. and Gen.
Mgr. of the Old Dominion Iron & Nall W orks, owned by the com apny, has
been elected President to succeed William N orthrop.— V . 95, p. 112.
Virginia & Southwestern R y . — Earnings .— ’For year:
June 30
Operating
Net (after
Other
Interest,
Balance,
Year.
Revenues.
Taxes).
Income.
Rentals,&c.
Surplus.
1911 -1 2...$ 1 ,7 5 7,9 24
$554,953
$122,431
$110,432
$266,952
402,193
77,888
370,793
109,288
1010-11----1,393,448
1 9 0 9 -1 0.-- 1,198,194
292,410
85,564
263,361
11 1,613
From the balance as above In 1911-12 was deducted $3,259 for additions
and betterments, against $224 In 1910-11, leaving a balance of $263,692
In 1911-12, against $109,064. The dividend paid June 24 1912 (5 % ) called
for $100,000. Total accumulated surplus June 30 1912, after paying same,
was $610,316.— V. 93, p. 1192, 1186.
Washington Potomac & Chesapeake R y .— Status — Etc.
Preparatory to the sale of securities in fra n c o , this Maryland corporation
reports to the French authorities substantially as follows: Cap. stock auth.,
$2,000,000 lu $100 shares; issued, $500,000; authorized issue of 1st M
30-yr. 5% bonds of $100 or 515 fr. each, redeemable after 5 yrs., $2,000,000.
Owns 2 \.i miles of railway In the Dlst. of Colum. and 21 miles from Brandy
wine to Mechanicsvllle, M d., and proposes to connect these lines by build
ing 15
miles and by com pleting 23 H miles of railway from Brandywine
to Esperanza, making a total line of about 6314 miles. Gross receipts for
year end. June 30 1911, $46,905; net after oper. exp ., m alnt., & c., $28,351.
Pres., Henry W. Watson; See., Paul O. Klrschbmann. Phlla, office,
Franklin Bank Bldg. Compare V. 92, p. 1702.
American Oil Fields Co., Los Angeles.— Control .—
See California Petroleum Corp. below .—-V. 92, p. 957; V . 91, p. 591, 718
American Petroleum Co., Los Angeles.— Holding C o .— •
See California Petroleum Corp. below .— V . 92, p. 1111; V . 91, p. 216.
American Surety Co.— New Trustee.—
John R . Morron, Pres, of the Atlas Portland Cement C o., has been elected
a trustee.— V . 93, p. 1106.
American Typefounders Co.— Earnings .—
Net
A ug. 31
Year—
Earnings.
-.$333,531
1 91 1 -1 2 ___
. . 331,803
191 0 -1 1 ___
— V . 93, p. 1107, 1104.
---------Divio lends--------Com. (4 % ). P ref. (7 % ).
$160,000
$140,000
160,000
140,000
Balance,
Surplus.
$33,531
31,803
American W indow Glass Co,,— Earnings .—
Aug. 31
Net
Other
Balance,
F ixed
Royally
Year—
Profits.
Income.
Charges.
Charges.
D eficit.
1 9 1 1 -1 2 ----- .$137,346
$55,355
$233,304
$814,856
$555,459
110,712
i1910-11
i / i u - n ___
------o
. o957,868
i.o o o
ii
z266,915
o o .o io
a z o ./o a
i z /.i z u
928,785
127,120
The total profit and loss deficit, after debiting $1,000,464 for deprecia
tion o f Pittsburgh Columbia Oil & Gas Co . investment applicable prior to
1906, is $4,809,885.
There were produced 2,508,565 boxes of single and 956,381 boxes of
double strength and 1,468,039 sq. feet of 3-16 crystal sheet and dry plate
glass. President McMullin says that, on account of market conditions,
prices were reduced on Oct. 27 1911 to the lowest at which window glass
has ever sold in this country, and these remained In effect until Mch. 13 last.
W hile sales were larger, receipts were $729,180 less than In the preceding
year. During the year the com pany built up a large export business which
promises to becom e an Important branch of the com pany’s business.—
V . 04, p. 1385.
Atlantic City (N. J.) Transportat:on Co.— Receivership .-—
T he Federal Court at Trenton, N . J ., on Oct. 10, on application of Ed
ward V . Rechin, Warren W ebster, Augustus Jardlne and William J . Ma
loney, all o f Atlantic City, N. J., appointed Augustus E . Jardlne temporary
receiver.
The liabilities are stated as $410,000 and the assets $360,000.
The com pany has recently m et with severe reverses, including the wrecking
of two ships on the A bsecoa Inlet bar. The receiver will continue the New
York-Philadeiphia service.
Atlantic Fruit & Steamship Co.— New F ina ncing .—
The stockholders will vote on O ct. 25 on Issuing new securities to finance
the com p a n y’s requirements.— V . 95, p. 299, 113.
Autosales Gum & Chocolate Co.— Board Reduced.—
The board having been reduced from 15 to 9, the following directors have
been elected: Edgar H . Cook (Prest.), Franklin V . Canning, of the Bon Bon
C o.; David A . Keller of the Colgan Gum Co.; C. D. Smithers of F. S. Smithers & Co.; Alexander J. Hemphill, Prest. Guaranty Trust C o.: Oscar L.
Gubelman of Knauth Nachod & Kuhnc; Charles R . Flint of Flint & Co.;
Mayor M. Swaab Jr. and Willis J. Ensmlnger of the R ipe Fruit Gum Co.
Of the foregoing, Messrs. Smithers, Hemphill, Gubelman and Flint are new
directors.— V . 94, p. 1698.
....................................... •j
Boston W oven Hose & Rubber Co.— 2 5 % Stock Dividend.
A cash dividend o f 25% has been declared on the $779,500 com m on stock,
payable N ov. 1 to holders of record O ct. 21. A ll holders of com m on stock
o f record on that day or o f voting trust certificates issued by the Boston
W oven Hose Securities Co. representing com m on stock, will be offered the
right to subscribe for 25% new com m on stock at par, payable N ov. 1.
Treasurer Henry B . Sprague says: “ The com pany has enjoyed the largest
The executive organization, with Edward D. Adam s as Chairman, and and m ost profitable year In its history and the surplus ($1,310,000 on Sept.
Alexander K oberP on as President, remains the same, except that J. M. 30 1912) has reached the point where It Is almost 50% larger than the com
I'ltzgerald was <; cctcd Vice-President with headquarters at Baltimore, Md.,
mon stock outstanding, and it was felt that some of the surplus should be
1
• H c-driaks, the present freight traffic manager, was madedistributed
Vice
among the stockholders. Capital outstanding consists o f $779,
President In charge of traffic.
500 com m on and $750,000 preferred. The preferred does not participate
in
the stock dividend or the right to subscribe to new com m on shares,as
Earnings .— For years ending June 30:
lt receives a fixed dividend of 6% annually. It is probable that the
•
1911-12.
1910-11.
1911-12. 1910-11.
regular quarterly dividend on the com m on stock will be Increased to 12%
S
■$
Deduct—
S
S
annually at the next regular dividend period D ec. 15, which will Increase
Operating revenues.7.243,058 7,200,934
.2,057,944 2,095,198 the rate from 2
to 3 % quarterly.” — V . 91, p. 1387.
Operating cxpensca.4,798,567 4,440,228 Other Int., Ac . . ! . 331,421
171,688
Western Maryland R y .— New Directors, & c .— The di
rectors on Oct. 1(> amended the by-laws increasing the
board from 9 to 12; J. M. Fitzgerald, John T. Hendricks and
L . F. Timmerman being chosen to fill the 3 additional places.
Outside operations..
2,444,491 2,700,706
.2,389,305 2,266,816
3,431
57> Balance............ I ” ’ . 109,082 760,338
Net revenue------ 2,447,922 2,761,282 Add— int. on capital
Taxes accrued........ 252,000 240,000
adv’ced to sub. cosi.
of new lines.......... . 622,902
2,195,9.2 2,521,282
Add— Int. on loans,
731,984
&c.......................... 233,311 228,514 Pref. dlv. (4 % )........ 400,000
Rents & m lscel... ♦69,214 277,426 Add’ns & better’mts.. 42,867
T o ta l____ _____ 2,493,447 3,027,222 Surplus ......................
239,117
760,336
400,000
140,922
219,414
• A fter provision by the coal com pany In 1912 of $105,000 for depre
ciation and exhaustion of minerals, not heretofore provided fo r.— V. 95,
p. 969, 237.
W est Virginia Traction & Electric Co.— D ecision .—
Judge H crvoy In the Circuit Court at Wheeling, W . V a ., on Oct. 15 h e ld
valid the Issue of $W#,000 bonds o f the City & Elm Grove R y ., which, 1 1
Britsli-American Tobacco Co., L td .— -Pref. Stock Offered.
Subscription books were open In London from O ct. 2 to 5 at the N at.
Provincial Bank of England, L td ., and Lloyds Bank, L td ., as bankers, on
behalf o f the ow nersof the shares, for £700,000 5% cu m . preference shares
o f £1 each at £1 Is. 6d. per share.
•
An advertisem ent of said offering says: “ A uth. capital (In shares o f £1
each): £4,500,000 cum ulative 5% pref. shares and £6,500,000 ordinary
shares. Issued capital: £2,100,000 cum . 5% pref. shares and £6,244,613
ordinary shares, all fully paid. There are no debentures or bonds of the
com pany. In June 1912 the ordinary shareholders were offered the right
to subscribe at par for one share for every tw o ordinary shares held, which
resulted In 2,074,864 ordinary shares being subscribed In cash. W ith out
taking Into account the profits to be earned b y this additional capital, the
profits in the year ending Sept. 30 1911 were sufficient to cov er the pref
dividend nearly 16 tim es.” Compare V.495, p. 5 0 ,il7 8 , 238, 363,,483.
California Petroleum Corp.— Listed. — Am algam ation .— -Ti5
•The N. Y . Stock E xchange on O ct. 4 authorized the listing o f temporary
certificates for 7% cum . pref. and participating stock up to $10,000,000
nd tem porary voting trust certlflcates for com m on stock up to $9,072,900
T H E C H R O N IC L E
1043
and will add from time to time a further $2,500,000 pref. stock and $5,
927,100 voting tr. certs, com . stk., making the total amounts authorized
to be listed $12,500*000 of pref. stock and $15,000 000 of voting trust
certificates for com m on stock. Voting trustees: E. L . Doheny and C. A .
Canlleld, also G. C. Henry of William Salomon & C o., N . Y .
A holding com pany. Incorporated In V a., Sept. ?7 1912, owns a m ajority
o f the capital stock of the American Petroleum Co. (V . 02, p. 1111; V . 91,
p . 210) and the American Oil Fields Co. (V . 92, p . 957) both of Los Angeles
and with E . L . Doheny as President.
Status—
Total
T o t a l -------------- Held by-------------- (as reported S ep .30 1912) Authorized.
Issued.
Public Holdino Co.
A m . P et. Co. Com . stock. $12,500,000 $12,468,400 $2,493,680 ♦9.074,720
P ref. 6% non -cum ul.
2,500,000
2,095,900
419,180 *1,676,720
............
12-yr. 6% gold bonds
2,000 000
056,100
956,100
A m . Ollilelds Co. capital
s t o c k ................ - .......... 25,000,000 18,303,800
3,660,760 *14,643,040
20-yr. 6% b o n d s ____ 10,000,000 2,646,100 **2,646,100
---------•These securities and $3,400,156 cash were acquired In exchange for
$11,997,024 pref. stock and $13,513,081 com m on stock of the California
Petroleum Corp., the latter being- now represented by voting trust certs.
**Of this amount $1,000,000 par value will be acquired forthw ith b y pur
chase b y the California Petroleum Corporation,
Properties (a) A m er. Petroleum Co. owns or controls 3,336 acres of land
In Coalinga, Lost Hills and Los Angeles Districts, Cal., including 1,436
acres “ proven oil lands" and 76 producing wells. Physical assets and
oil supply appraised at $17,231,000. Total production to date over
7,883,000 barrels. Storage capacity steel tank 255,000 bbl.; Iron tanks
13,750 b bl. aggregate capacity, (b) Am er. Oil Fields Co. owns or controls
15,480 acres In the Midway, Sunset, M cKlttrlck and Lost Hills oil district
o f Southern California, Including 2,350 acres “ proven oil lands” and 34
producing wells. Appraised value of physical assets and oil supply $15,
498,000. Total production to date over 5,161,000 barrels of oil. Storage
capacity concrete reservoirs 1,062,000 bbl.: steel tanks 604.000 b b l.
Profit and Loss Account— A m . Petroleum Co.. A m . Oilfields Co. and Sub. Cos.
— Seven Months ending July HI 1912—
Cal. Year.
A m . Pet. Co. A m . Oilf. Co. Total.
1912 Total.
5,265,710
3,288,040
P ro d u ctio n ________ bbl.
1,562,911
1,725,129
Oil sales. ______________
$855,282
$553,390 $1,408,672 $2,307,660
130,803
231,159
129,664
1,139
Increase In inventories.
83,171
54,582
28,589
Miscellaneous sales____
T o t a l _____ __________
Operating expenses____
Taxes __________________
R o y a ltie s ______________
Bond sinking fu n d -------B ond Interest--------------N et profit for period------
$885,010
$139,233
14,240
9,254
33.463
33.463
$655,356
$737,636
$80,205
13,085
4,729
57,834
91,914
25,924
$1,622,646
$219,433
27,325
13,983
91,203
125,378
25,925
$2,538,819
$335,430
39,923
21,554
156,510
173,014
70,066
$4 63,944
$1,119,300
$1,742,252
Childs (Restaurant) Co., N . Y .— Increase o f Stock .—
The stockholders will vote Oct. 30 on Increasing the preferred stock from
$3,000,000 to $5,000,000 — V ..01, p. 701.
Commercial National Safe Deposit Co., Chicago.— Denied.
Sec Commonwealth Edison Co. below.— V. 94, p. 210.
Commonwealth Edison Co., Chicago.— N ot Purchased.—
Pres. Samuel Insull, Oct. 16, wrote: “ The Commonwealth Edison, Co.
has not purchased the Commercial National Safe Deposit Co., nor has It
any intention of putting out any stock for such purpose. Neither has it
purchased or assumed the bonds of the company; nor has It any Intention
of purchasing or assuming the boad3” — V. 93, p. 113.
Connecticut River Co., Windsor Locks, Conn.— Consoli
dation o f Hydro-Electric Projects.— Stone cfe Webster M a y D e
velop— Authoritative Statement .—
Arrangement has been completed whereby the owners of the Connecticut
River Co., which company owns and operates the old dam across the Con
necticut River near Windsor Locks and the Northern Connecticut Power
Co., both of which have for several years been endeavoring to acquire
necessary rights to make a large hydro-electric development at Windsor
Locks, have agreed to consolidate their Interests and to co-operate in the
work. If satisfactory rights are acquired, Stone & Webster will undertake
the construction and development of the property.
The plans provide fo r. improvement in navigation and, In connection
with the work to be done by the Federal Government on the Connecticut
River, arc intended to furnish a seven-foot channel between Hartford and
Holyoke. As now contemplated, they provide for the development of
more than 30,000 h, p. at Windsor Locks, the probable cost being about
$5,000,000.— V. 93. p. 532.
Connecticut River Power Co.— Earns, fo r Septem ber.—
Gross Inc.
Net (after ta x .).
Sept. 1912..........$45,833
$30,369
Sept. 1911 ......... 34,120
20,197
Operating ratio, 33.7%; decrease, 7.1% .
Ayll'ng & Co., Boston.— V. 95, p. 178.
Bond Int.
Bal.,Surp.
$13,300
$17,069
13,333
6,804
Financial agents, Baker,
Coshocton District Gas & Fuel Co., Ohio.— Control.—
See Utilities Improvement Co. under “ Railroads" above.
Danbury & Bethel Gas & El. L t. Co., Conn.— Control .—
Sec Utilities Improvement Co. under “ Railroads” above.— V. 94, p. 128.
Emerson-Brantingham Co., Rockford, 111.— ■First P fd .D iv .
An initial quarterly dividend of 1 i i % has been declared on the $12,000,
000 7% cumulative preferred stock, payable Nov. 1 to holders of record
Oct. 17.— V. 95, p. 363, 299.
Empire Gas & Fuel Co.— Control.—
See Utilities Improvement Co. under "Railroads” above.— V. 92. p. 1035.
Gas Securities Co., New York.— •Noteholders’ O ption. —•
Sec Utilities Improvement Co. under “ Railroads” above.— V. 95, p. 363.
General Gas & Electric Co. (Maine)— F irst P ref. D iv . —
An Initial quarterly dividend of 1 J4% was paid Oct. 1 on the $1,300,000
6-7% pref. stock.— V. 95, p. 422.
Harwood Electric Co., Pennsylvania.— Listed in Phila.—
The Phila. Stock Exch. has listed $3,000,000 com. stock, $608,700 6%
cum. pref. stock and $2,107,000 1st & ref. M. 6s due March 1 1942. Par
of shares $100. Compare V. 94, p. 354; V. 95, p. 621.
Kansas Natural Gas Co.— -Receivership.—
Judges Pollock and Campbell, sitting in the Federal Court at Kansas
City, Kan., oh Oct. 10, on application of a holder of $12,000 bonds, ap
pointed Conway F. Holmes, Pres, of the Pioneer Trust Co., Kansas City,
George H. Sharltt, Topeka, former Clerk of the U. S. Circuit Court of Kan
sas, and Eugene Mackey, of Pa., Pres, of the Gas Co., receivers. They
are ordered to make a full report of the gas supply in Kansas and Oklahoma,
the feasibility of the company's tapping new sources of supply and the cost
of extensions and the rate at which the company can operate profitably.
The company last month contracted for a new supply of gas from the
Glenn Pool district, near Tulsa, Okla. These wells, which arc producing
heavily, are 30 miles from the mains of the company, and to reach the same
the company would be forced to build 30 miles of 18-lnch pipe line at a cost
of about $480,000. Provision for this construction Is expected to be made
under the receivership, which was resorted to as a defensive measure,
to preserve the properties from the extreme demands of the State and mu
nicipal authorities, and to rid the company of burdensome and unprofit
able contracts. Under the receivership the Court can fix the price for
the sale of gas, or at least prevent the company from selling gas at an un
profitable figure.— V. 94, p. 986.
Kyes W ater Co., Riverside, Cal.— Sale to C ity. —
Sec "Riverside” In “ State & City” Dept.
La Belle Iron W orks, Wheeling, W . V a .— Stock Dividend
1 0 0 % in 8 % C um . P r ef .— Pres. Isaac M . Scott, in a circular
dated Oct. 14, says in substance:
Pursuant to the action taken by the shareholders on June 20 1912, your
board of directors on Sept. 24 1912 decided to inorcaso the capital stock
[V O L . L X X X X V .
from $10,000,000 to $20,000,000, by declaring a stock dividend of 100,000
shares of 8 % cumulative stock. In order to carry out the provisions of
such proceeding, it Is necessary that the present outstanding capital stock
be called in; and for each share o f the old stock there will be Issued in lieu
thereof one share of pref. and one share of com m on stock o f the ncurcapitalization. The new stock is now ready to be issued at the Colonial Trust
Co. o f Pittsburgh, Pa. Compare V. 94, p. 1387, 1569, 1768.
La Crosse W ater Power Co .— Foreclosure S a le .—
A t the sale in Black R iver Falls on Oct. 11 the property was bid In b y
Fred. Vogel Jr. of Milwaukee, Chairman of the bondholders' com m ittee, for
$500,000, the only hid. The damage done b y the flood of O ct. 1911 has
been repaired and operations are to be resumed. The W inona K y . & L t. Co.
(p . 130, “ El. K y . S e c.,’ ’ Is controlled. See V . 81, p. 807; V. 92, p . 884,
1181; V . 94, p. 211.
Lawrence (M ass.) Dye Works Co .— Consolidation P la n .—
See United States W orsted Co. below .— V . 94, p . 212.
Long Acre Electric Light & Power Co., N . Y .— N ew Officers
The following officers and directors were elected on O ct. 10 to represent
the banking Interests, H arvey Fisk & Sons and A . B . Leach & C o., who
and E . W . Bell. A director states that the overdue interest will bo m et on
the old 1st M. bonds. A block of these bonds was recently acquired by
friends of the Consol. Gas Co. for the purpose, as generally supposed, of
controlling the situation.
.
,
. , ,>
The appeal taken b y the Edison Co. (Consol. Gas Co.) from the decision
o f the Appellate Division of the Supreme Court affirming the order of the
P. S. Commission, dated July 28 1911, perm itting the com pany to Issue
$2,000,000 stock and $4,000,000 bonds was argued this week In the Court
o f A ppeals.— V . 95, p. 893, 821.
Manhattan Electrical Supply Co., New York.— N ew Stock
— 10 0% Stock Dividend on Com m on Shares .— The stockholders
on Oct. 15 voted to increase the c a p ita l stock from 8750,000
[8150,000 G% pref. cum.] to 85,000,000, in 8100 shares.
Of the new issue, 8600,000 will be paid to the holders of
common shares as a stock dividend of 1 0 0 % . An official
statement says in substance:
Additional stock will be offered to the em ployees at par In amounts not
exceeding one year’s salary (subscription payments to extend over five
years), and present stockholders can also purchase at par to the am ount of
their present holdings. The ohlect Of the Increase is to enlarge the manu
facturing and distributing facilities. It Is likely that the public will have
an opportunity in the near future to Invest In the stock.
lu corp . in N. J . in 1892 with a capital o f $25,000. Present net assets.
$1,350,000, are nearly all accumulated earnings. A n average of 6'/0 has
been paid oii;.thc com m on stock during the past nine years. Manufacturing
plants in Jersey City, N. J ., and Ravenna, O .; three distributing stores In
N . Y . City and one c^ch In Chicago and St. Louis. Officers H . 1 . Joanson, Pres.; J. J. Gorman, V .-P res.; E . W hitmore, S ec.; B . II. Ellis, Treas.
Meadow River Lumber Co .— First M . Bonds Called .—■
Twenty-four ($24,000) 1st M. 0% bonds of 1908 (maturing $9,000 on
DCfc. 1 1913 and $15,000 on June 1 1914) for paym ent at 10044 and ln t.o n
Dec. 1 at Citizens' Trust C o., Clarion, l ‘a .— V . 89, p. 47.
Merchants’ Heat & Light Co. (of Indianapolis).— New
Bonds Offered.— Lee, Higginson & Co., N . Y ., Rost, and
Chic., Harris, Forbes & Co., N. Y ., N .W . Harris & Co., Bos
ton, and the Harris Tr. & S, Bank, Chic., the mortgage trus
tee, have sold at 9 7 K and in f., yielding over 5 .6 0 % , the
present issue of 82,250,000 refunding mortgage 5 % 10-year
gold bonds dated Oct. 1 1912 and duo Oct. 1 1922, but re
deemable at 102jo and int. on any interest date. Par
81.000 and 8500 (c*). Union Trust Co. of In d ., co-trustee.
Int. A . & O. in N . Y . and Chic.
Digest of Letter from Pres. Edward L. McKee, Indianapolis, Oct. 1 1012.
Ineorp. In Indiana in July 1902. Owns and operates two highly efficient
steam-generating plants located in the heart of the business and manufac
turing district of Indianapolis, for the m anufacture and distribution of
electric current for light and power (lines largely under ground ); also
supplies for steam heating. The pref. stock has been called for paym ent
N ov. 1 1912. after which date the entire capital stock will bo owned by the
Merchants’ Public Utilities Co. of Indianapolis. The present owners have
invested over $1,000,000 in the capital stock. ( V. 95, p. 893.) lias satis
factory franchise extending till Sept. 1028. With the com pletion of tho
4.000 k.w . unit now being installed, will have a total of about 16,000 li.p.
Capitalization Oct. 1 1912.
Preferred stock (called for paym ent N ov. 1 1912— sec a b o v e ) .- - $500,000
Comm on stock, authorized, $1,000,000; outstanding----------------500,000
Refunding mtge. 10-year 5s, auth. $6,000,000; outstanding------ 2,250,000
(lo
do
reserved to retire a like am ount o f underlying
bonds which will be called for paym ent on or
250,000
before July 1 1014 (V. 90, p. 0 37 )..............[The bonded debt here shown represents the amounts outstanding after
com pletion o f the refunding to be carried out forthwith and for which cash
is now reserved from the proceeds of the refunding 5s outstanding.]
Of the proceeds of the bonds outstanding $185,000 will be expended on
permanent extensions and additions. T o provide for the rapid growth of
its business tiie com pany has executed a mortgage securing refunding 5% 10year bonds, authorized issue $6,000,000. O f tho $3,750,000 escrow bonds.
$250,000 can be issued to retire $250,000 "first and ref. 'b on d si that will
be redeem ed on or before July 1 1914. I h o balance, $3,500,000, m ay be
issued from time to time for not to exceed 80% of the cash cost o f permanent
extensions and additions, provided the net earnings are 1 % times the total
annual Interest charge. Including underlying bonds and bonds then to be
Issued. After July 1 1914 this Issue will be a first m ortgage on the entire
property. Sinking fund for the retirement of bonds of tills Issue or for
permanent extensions and additions (against which no bonds can be Issued),
yearly 1017 to 1921, an amount equal to 1% of all bonds outstanding.
Earnings for Year ended Sept. 30 1912, with Present Interest Charge.
Gross earnings_______ _____ $524,6661 Present interest ch arge-------$125,000
Net, after taxes___________ $243,5261 Balance ou above basis------- $118,526
Gross Earnings and K .W .Generated Years end. Sept. SO— Connected Business.
1905.
1907.
1909.
1911„191‘! $258,151
$272,951
$425,766
$524,666
Gross earnings. . $176,970
8,392
10,976
2,175
"3,200
““
Total h .p. motors
1,200
480
761
1,018
350
Total m o t o r s ...
210
KVV. generated. 4,600,000 0,450,000 7,650,000 12,300,000 15,500,000
118.000
229,034
275,677
89,000
16-c.p. e q u l v . ..
72,000
401.000
794,258
826,288
335,000
Radiation, sq. ft.
282,000
Population of Indianapolis, the Metropolis and Capital of Indiana, Served by
Eleven Steam llailroads and Numerous Interurban Lines.
1880.
1890.
1900.
1910.
1012, est.
U. S. Census, 1880 to 1010. 75,056 105,136 169,104 233,650 210,000
A substantial and rapidly growing Jobbing and manufacturing centre,
with 1,300 manufacturing Industries (furniture, machinery, automobiles
and canned goods, & c.).
, TT . _
This com pany and the Indianapolis Light & Heat Co. (V. 94, p. 1700) glvo
efficient service throughout the city with satisfactory profit to both com
panies, the Merchants’ Light & Heat Co. doing largely the profitable power
business. Contracts have been signed for additional service which, w ithout
further bonds, will Increase our gross earnings by not less than $50,000
per annum. The operating force remains unchanged.— V. 95, p. 821.
Mergenthaler Linotype Co. -E arnings. — Sept. 30 year.— ■
1011-12,
Total net prolits................ $2,738,522
Dividends (a bou t).......... 1,919,760
(15% )
Dividend rate..............
Balance, surplus..........
$818,762
1910-11.
$2,733,270
2,111,109
(16 54%)
1900-10.
$2,763,860
1.917,630
(1 5% )
1908-09.
$2,642,468
1,743,007
(15% )
$622,161
$816,239
$899,461
Got. 19 1912.]
T H E C H R O N IC L E
D i v i d e n d s a s s h o w n a b o v e In 1 9 1 1 - 1 2 , 1 5 % , c o n s is t o f 6 % p a i d in D e e .
1 9 1 1 ( 2 ) < J % r e g u l a r a n d 3 H % e x t r a ) a n d 2 'A % r e g u l a r a n d 1 3 %
ex tra
e a c h In M a r c h , J u n e a n d S e p t . 1 9 1 2 : in 1 9 1 0 - 1 1 , 1 6 ) 4 % . c o n s i s t o f 7 ) 4 %
p a i d In D e c . 1 0 1 0 ( 2 ) 4 % r e g u l a r a n d 5 % e x t r a ) a n d 2 ) 4 % r e g u l a r a n d
) 4 % e x t r a , e a c h in M c h . . J u n e a n d S e p t . 1 9 1 1 .
C om p are V . 03, p . 137.
1043
at $4 86 per £ ; France or Switzerland Fr. 5.18. Trustee, ColumbiaK nickerbockcr Trust C o., N . Y . T ax-exem pt in New York State.
D ig e st o f L etter from P res. F re d . D . C o rey , B u ffa lo . N . Y . , S e p t. 2 1 1 9 1 2 .
Organized under the laws of N. Y . State. The entire capital stock will
be acquired by the Niagara L ockport & Ontario Pow er Co.
Capitalization—
Auth.
Present Iss.
National Fire Proofing Co., Pittsburgh.— Bonds Offered.—
First mtge. 5% bonds due A ug. 1 1952.........................$5,000,000 $2,353,000
The Union Trust Co. of Pittsburgh, the mortgage trustee, is Capital
stock issued full paid for the water rights and
759,000
8,000 acres of land (par $100 a share)____________ 1,000,000
placing at a price to yield 5 .1 0 % the new “ first mortgage and
annual sinking fund, beginning in 1916, an am ount equal to 1%
collateral trust” serial 5 % gold bonds, tax-free in Pennsyl o f Cum.
outstanding bonds to retire all by m aturity. The unissued bonds can
vania. Par $1,000 (c*). A circular says:
be certified only for additions, improvements, &c., at not over 90% o f cost.
These 1st M. bonds are Issued in order to develop water power on the
Authorized and outstanding, 52,500,000. Dated Sept. 2 1912, due
5125,000 annually Sept. 1 1913 to Sept. 1 1932, lncl., b u tred . at any interest Salmon R iver for the delivery of electric power In Syracuse, N . Y ., and
adjoining territory, primarily because of the Increasing business, especially
date upon 4 weeks' notice at 102 '4 and int.
in the Syracuse district, of the Niagara L ockport & Ontario Power C o.,
Owns (a) 23 plants located at Boston, Mass.; Lorillard, Perth A m b oy (3)
and Port Murray, N. J .; Pittsburgh, P a.; Delaware, Aultm an (3), East which Is operating Its Niagara power transmission system at practically its
Palestine, Osnaburg, Magnolia, W aynesburg and Ilaydcnville (2), Ohio; full capacity o f 60,000 h. p. The guarantor sells power in the Syracuse
Twin Bluffs, Ottawa (2) and Pullman, 111.; Hobart and Brazil, Ind.; also district to Syracuse L tg. C o., Syracuse Rapid Transit R y . C o., Syracuse
Lake Shore & Northern R y. C o., Auburn L t., H t. & Power Co. and Oswego
abou t 5,000 acres of land underlaid with clay.
R iver Power Transmission C o., which com panies operate 160 miles of elec
A direct first and closed mortgage on (a) all properties now owned
(valued at $8,000,000) or hereafter acquired, and (b) pledge of all capital tric railway track and also do a general lighting and power business, the
stock, bonds and other securities of other cos. owned by the com pany,
deliveries therefor having Increased from 7,143 h. p ., the average per month
Until these bonds are paid,the cash and quick assets must never be less than for the first 6 m os. of 1908, to 14,887 and 17,911, respectively In the same
$2,000,000 above all liabilities other than these bonds. Average earnings period of 1911 and 1912. Contracts with the above companies call for about
applicable to this Issue for past three years over $500,000 per annum.
11,000 h. p. additional, which emphasizes the urgent necessity for the new
— V . 95, p. 893, 424.
power developm ent, to say nothing of the probable requirements o f other
m anufacturing plants in this territory.
New Albany (Ind.) W ater Co.— Control.—
Owns 8,000 acres o f land 42 miles northeast o f Syracuse, including the
Sec Middle West Utilities Co. under “ Railroads” abov e.— V . 82, p. 872. bed o f the Salmon R iver, for about 12 miles. In which distance the fall is
330 ft. A concrete dam 600 ft. long is being built on solid rock foundation
New Departure M fg. Co., Bristol, Conn.— Stock Increase.— creating a storage reservoir o f abou t 4 sq. miles, capacity 1,000,000,000
The stockholders on O ct. 15 authorized an increase in the com m on stock cu. ft., which can be m ore than doubled by raising the dam 11 ft. The
from $1,000,000 to $1,500,000. The new stock is to be distributed as a power house will be equipped for an initial developm ent of 15,000 h . p.
50% dividend on the com m on stock to holders of record O ct. 15. The Drainage area, 191 sq. miles, on the westerly slope of the Adirondacks, a
“ Hartford Courant” says that the accumulated surplus June 30, after pay region of heavy rainfalls. The power will be transmitted at 60,000 volts
ing dividends for the year amounting to $111,992, was about $745,000. on a two-circuit steel tower line, 42 miles on private right-of-w ay, to the
Niagara Lockport & Ontario Power Co. at Solvay, adjoining Syracuse.
A stock dividend of about 4% was recently paid. Compare V . 95, p. 753.
The entire output will be disposed of under lease running till A ug. 1 1952,
New England (Bell) Telephone & Telegraph Co., Boston.—• or later, to the Niagara Lockport & Ontario Power C o., which will guarantee
Bonds Offered.— Kidder, Peabody & Co., Boston and N . Y ., the bonds (p. & 1.) and will pay all oper. exp ., taxes, & c., and a net rent
to 1 S
A times Int. on all 1st M. bonds issued. The minimum annual
offered on Oct. 17 at par and int. the new §10,000,000 5 % equal
Income statement on com pletion (probably late In 1913) of the Initial d e
gold bonds dated Oct. 1 1912 and due Oct. 1 1932. Par velopm ent of 15,000 h. p. would be: Rental, $205,800; int. on $2,353,000
§1,000 (c*). Old Colony Trust Co., trustee. Int. A . & O. 1st M. bonds, $117,650; bal., sur., $88,150.
The guarantor for the 12 m os. ending June 30 1912 reported a net income
The issue was oversubscribed, several times but as a matter o f $ 101,187 after allowing for $250,000 int. and $54,471 sinking fund charges
of record the adv. of the offering appears on another page. on its present outstanding bonds.
Net Earnings, & c., of Guarantor— Cal. Years 1909 to 1911— 12 M os. ending
President Jasper N . Keller reports:
June 30.1912— Average Sales (54,618 li.p .) is A v . for 7 M os. end. July 31
The com pany will create no encum brance on its property to Impair the
IV VC. .
%
security of this obligation, and if any mortgage or other encum brance no
1909.
1910.
1911.
1911-12. 1912(cs<.)
placed hereafter upon its property, or any of It, said bonds shall be included Net earnings________ $251,956 $351,521 $381,231
$405,659 $440,000
therein and secured thereby equally with any other bonds secured by Average h. p. sales__
38,131
44,834
48.648
54,618
such mortgage.
Outstanding capitalization o f Niagara Lockport & Ontario Pow er Co.;
Financial Statement.
1st M. 5% bonds (lncl. $150,000 in sinking fund), $5,000,000 (V . 90, p.
Net earnings year 1 9 1 1 .. $3,130,803 ITotal assets a p p ro x .........$03,400,000
506); 1st pref. 6% cum . stock, receiving regular 6 % divs., $2,000,000,
Fixed Chgs., inch these bd3. 615,0001Total debt, lncl. these b d s .12,500,000 which will shortly be Increased to $2,750,000 to acquire an equal amount
The present capital stock Is $43,061,600 and the com pnay has paid divi of stock of Salmon River Power Co.: 2d pref. stock 6 % non-cum ., $2,000
000; com m on stock, $1,230,000. See annual report, V . 94, p. 1691.
dends o f not less than 6% per annum for 15 consecutive years.
Philip L. Spalding, Second Vlce-Pres. of the Bell Telephone Co. of PcnnSao Paulo Electric Co., L td .— Bonds Offered .—
lvanla, has been elected President to succeed Jasper N. Keller, who re
Dunn, Fischer & C o., London, were prepared from O ct. 5 to O ct. 8 to resigned after 27 years' service. E. K . Hall becom es V ice-President an- cclvc
at 95 for £1,880,000 5% 50-yr. 1st M. bonds of this sub
John Balch, formerly with the Western Telephone & Telegraph C o., Assist sidiarysubscriptions
of the Brazilian Traction, Light & Power C o., part of an authorized
ant Treasurer.)— V. 95, p. 970, 115.
issue of £2,000,000 dated Jan. 1 1912 and due Jan. 1 1962. R edeem able
Niagara Lockport & Ontario Power Co.— Guaranty, etc.— by a sinking fund beginning in 1922 in annual drawings at par, or may be
redeemed at 103% at any time on 6 m os.’ notice or at par on voluntary
Sec Salmon R iver Power Co. below .— V . 95, p. 301.
liquidation or amalgamation with another co. Par £500, £100 and £20 .
Ogilvie Flour Mills Co.— Earnings fo r Fiscal Y ea r. —
Coupons payable In London, N. Y ., T oron to, Brussels and Basle, at Can.
Bank of Commerce or Its agents.
Ann. 31.
Trading
Bond
P ref. IHvs. Corn. D ies.
Balance,
Year—
Profits.
Interest.
(7 % ).
(8 % ).
Surplus.
Statement by F. S. Pearson (Pres. Braz. Tr., I,. A Pow. Co.) Oct. 3 1912.
1911-12_____ $521,131
$105,000
$140,000
$200,000
$76,431
Org. In 1910 In Canada. Issued share capital, $5,000,000. Owns and
1910-11_____ 481,310.
105,000
140,000
200,000
36,310
controls In State of Sao Paulo, Brazil, undertakings for the utilization and
— V. 93, p. 1108.
sale of gas, electric light and power. Is developing on the Sorocaba R iver
50,000 h. p., from which it will be able to suoplv power by Sept. 1913, and
Otis Elevator Co.— Lease o f Chicago Buildings.—
has contracted to sell 15,000 h. p. to Sao Paulo Tram way, Lt. & Power C o.,
The Otis Building Trust, of which W . D . Baldwin and others are trustees,
The Brazilian T raction, Light & Power C o., L td. (V . 95, p. 968, 618), has
and which owns the new 10-story fireproof office building at the northwest an auth. share capital of $120,000,000, of which about $98,000,000 has
corner of West Jackson Boulevard and South Jefferson S t., Chicago, III., been Issued In acquiring 94 % of the share capitals of the Sao Paulo Tram way,
97 54x138 ft., which has been leased to and Is occupied b y the Otis Elevator L t. & Pow . C o., L td ., and the R io de Janeiro Tram way, L t. & P. C o., L td .,
C o., has made a mortgage to the first Trust & Savings Bank, as trustee, and the entire share capital of the Sao Paulo Electric C o., Ltd.
covering the foregoing premises, to secure an issue of $300,000 5% serial
The Brazilian Traction, Lt. & Pow. Co. has entered Into an agreement
bonds maturing in 20 equal annual Installments.— V . 94, p. 1452.
with the Nat. Trust C o., L td ., of T oronto, the trustee for these bonds, to set
aside
half-yearly out of the gross earniugs of the Sao Paulo Electric C o., for
Ozark Power & W ater Co.— Progress o f Construction.—
the service of these bonds, a sum sufficient to meet the interest and sinking
Henry L . Doherty & C o., 60 Wall S t., Issued on Sept. 24 a bulletin re fund, and. In case the earnings should be insufficient for that purpose, to
garding the new hydro-electric developm ent on the W hite River at Branson meet the same from its own revenues, which for 1913 should be at least
Mo. The firm says: “ So far as can be foreseen, the plant will be in opera £1,400,000, while the Interest of these bonds is £94,000. The net revenue
tion , supplying power to both Springfield and the Empire district, at the of the Sao Paulo El. Co. for 1913 Is estim ated at £104,000; for 1014 at £160,
date originally set, viz., April 1 1913.” See V. 91, p. 565, 702.
000, and for 1915 at £205,000.
The bonds now ottered form part of an authorized issue of £2,000,000,
Phelps, Dodge & Co.— Copper Production.— The produc
which the balance of £120,000 has been Issued In part paym ent for prop
tion of copper by the Copper Queen, Detroit and Mocte- of
erties. Tiie proceeds of these bonds arc for the purpose of repaying ad
zuma mines, owmed by Phelps, Dodge & Co., for the nine vances used in the developm ent of the hydro-electric installation and the
months ended Sept. 30 1912, was 101,496,974 lbs., as com purchase of gas, electric light and power properties.
pared with 89,837,954 lbs. in 1911, as follows:
Pounds.
1912.
1911.
Pounds.
1912.
1911.
J a n u a r y _____ 10,892,391 9,789,639 J u n e - - - ...........12,083,089 9,777,120
F e b ru a ry ____ 10,230,280 8,857,962 J u l y ................. 11,875,618 9,809,251
March _______10,928,169 10,197,516 A u g u st.............12,275,593 10,861,189
April ________11,312,759 9,793,817 S ep tem b er___10,764,530 9,919,160
M a y -------------- 11,134,545 9,832,300.
T otal (pounds) for nine months . . ------------------101,496,974 80,837,954
Custom ores business added a further amount for the nine months of
7,142,677 lbs. in 1012, against 8,884,252 lbs. In 1911.— V. 95, p. 364, 04.
Pittsburgh Coal Co .— New Bonds— Further Data.
The Pittsburgh Coal Co. o f Pennsylvania (Midland Coal Co. purchase)
1st M. 5% gold bonds offered at par and int. by the Pittsburgh Trust Co.
arc part of $1,200,000, all outst., dated May 15 1912, due May 15 1932,
and redeemable by lot on and after N ov. 15 1915 at 102 M and int. Prln. &
Int. payable at Union Trust Co., Pittsburgh. First mtge. on 4,736 acres
o f coal lands located In Washington C o., Pa. Annual minimum sinking
fund, $50,000; $25,000 Nov. 15 1912.— V. 95, p. 893.
Pullman Co.— Earnings fo r Fiscal Y ea r .—
July 31.
Gross
Expenses,
Net
Year— Earnings. Deprec'n, A c. Earnings.
191 1 -1 2. .$40,219,748 $29,791,'290 $10,428,458
1 9 1 0 -1 1-_ 38.994,610 27,854,578
11,140,032
— V. 93, p. 1671.
Dividends Balance,
(8 % ).
Surplus.
$9,599,460
$828,998
9,599,336 1,540,690
Riverside (Cal.) Artesian Water Co.— Sale to C ity —
Sec “ R iverside" In “ State & C ity” Dept.
Rocky Mountain Fuel Co., Denver.— N ew Stock.— The
shareholders voted Oct. 10 to increase the capital stock from
$14,000,000 to $20,000,000, to provide for extensions or
additions if at any time required. See V . 93, p . 1607.
Salmon River Power Co. (near Syracuse, N. Y .) .—
Guaranteed B onds. — W m . Salomon & Co., N . Y . City, and
J. C. Dann & Co., Buffalo, N. Y ., are offering for sale
$1,500,000 of the present issue of $2,353,000 1st M. 5 %
gold bonds, guar., p. & i., by endorsement, by Niagara
Lockport & Ontario Power Co. The bankers say:
Dated A ug. 1 1912 and due A ug. 1 1952, but redeem able as a whole or
Inlpart at 110 and int. on any int. date on 6 weeks' notice. Total auth
$$,090,000. Principal and interest (F. & A.) payable abroad, In London
Savannah (Ga.) Power Co.— Guaranteed N otes. — Of recent
months this company, incorp. in Georgia May 3 1912, has
issued $1,000,000 notes guaranteed by the Savannah Elec
tric Co. and secured by pledge of its own $1,250,000 bonds.
These notes have been sold privately, the proceeds to be ap
plied toward the building of a 14,500 h. p. electric power
plant, the entire amount of which will be used by the Sa
vannah Electric Co.
..................Savannah Power Co.— Financial Statement.
First M. 20-yr. gold 5s due A pr. 1 1932, but callable at 105 & Int.
as a whole or In part for sink, fund (2% annually, beginning
Jan. 1 1918). Int. A . & O. A u th ., $2,500,000; issued,
$1,250,000..................................................... .............- ...............— As collateral
5-yr. 6% gold coupon guar, notes, due A pr. 1 1917, but callable
as a whole or In part at par and Int. Int. A . & O. at office of
trustee. Auth. .82,000,000; issued....... ...........................................$1,000,000
Capital stock auth. and Issued________ ________ ____________ _ 1,000,000
Trustee for both notes and bonds. Commonwealth Trust C o., B oston.
General managers, Stone & W ebster Management Association.
Southwestern Reserve Gas Co.— Control.—
See Utilities Im provem ent Co. under “ Railroads” above.
Standard Milling Co., New York.— New Director.—
J.
Henry Dick has boon elected a director to succeed his father, W illiam
Dick, deceased.— V . 95, p. 970, 822.
Tobacco Products Corporation.— New Enterprise. — In
view, it is explained, of the great increase in the consump
tion of cigarettes which has followed the disintegration of
the A m . Tobacco Co. (due to extensive advertising by the
segregated concerns), Daniel G. Reid, Henry C. Frick and
associates have decided to enter upon the tobacco business
and have threfore caused the incorporation of tlje Tobacco
Products Corp. in Va. (on Oct. 17), with an authorized
capital of $50,000,000 [$30,000,000 of common and $2 0,000,
000 pref.], for the purpose of manufacturing on a large
scale cigarettes and other forms of tobacco. The new com
pany, itjsjunderstood, has bought out the Surbrug Company
1044
T H E C H R O N IC L E
(V . 8 2 ,p .1501; V . 95, p. 754, 893) and M. Melachrino & Co.
The directors so far as now elected are as follows:
Joseph A . Bennett, Thomas Cochran Jr., J. Horace Harding, who will
represent Mr. Frick on the board; Francis L. Hine, Seward Prosser, Daniel
G. R eid, John D. R yan, Roberts Walker, J. DuPratt W hite.
George J. Whelan, who was for many years President of the United
Cigar Stores Co., has promised to give to the com pany the benefit of his
experience and advice, but he will not be an officer or a director of the co m
pany, nor will he be connected with it in any official capacity . The
United Cigar Stores Co. also, it is stated, will not be in any way affiliated
with this com pany, though expected, as a custom er, to handle and sell
the goods manufactured, as generally any popular brands of other manu‘ [Of the auth. stock, $5,000,000 pref. (said to be 7% cum .) and $10,000,
000 com m on will be issued at once, all o f which had been subscribed, the
preferred at par and the com m on, it is said, at “ less than par.
The
Surbrug Company has $700,000 capital stock. M. Melachrino & Co., Inc.,
was organized two weeks ago with $3,500,000 stock, to take over the busi
ness of the firm of M. Melachrino & Co. The capital stock of both these
concerns was purchased for cash and is now held in the treasury of the new
com pany.]
United Gas & Electric Co. of Southern Indiana.— Control.
See Middle W est Utilities Co. under "R a ilroa d s” above.
United States Bobbin & Shuttle Co.— Stock Decrease.—
A certificate has been filed in N. -J. decreasing the com m on cap. stock
from 81,001,000 (par 8100) to 8830,000 by the cancelation of.5 1 5 1,00 0
owned by the com oany. There is also $050,000, 7 % cum . pref. William
II. Perry. Pres.; George H. W ilson, Sec. See V. 03, p. 1598.
United States Envelope Co.— Deferred Dividend. —
• A dividend of 1% has been declared payable on N ov. 11 on the 83,750,000
7% pref stock on account of accumulated dividends, reducing the amount
of overdue dividends to 4 H % . A paym ent of 1 'A% on account of back
dividends was made in Mch. 1912, and in May 1911 1 14% and in N ov. 1911
1% was paid,a total of 2 t$% in 1911. In 1910 1% was paid; In 1909 3 3
A%.
Regular Dividend (% ) Paid on Preferred Stock.
1898 1899 1900 1901 1902-05 1906 1907 1908 1909 1910 1911
1912
2
7
7
5M 5 yrly.
5K
6
6
6
7
7 M ch .,3 4*
— V . 94, p. 1388.
United States Motor Co., New York.— P la n . — The cred
itors’ committee, of which George W . Davison is Chairman,
has prepared a plan dated Oct. 10 1912 for the reorganiza
tion of the U. S. Motor Co. and its subsidiaries, the AldenSampson Mfg. Co., Brush Runabout Co., Columbia Motor
Car Co., Dayton Motor Car Co. and Maxwell-Briscoc Motor
Co., all now in receivers’ hands. The merchandise cred
itors’ committee also urges the acceptance of the plan,
which would conserve the value of the property as a going
concern, provide 83,000,000 additional working capital,
increasing the amount of liquid assets to over $10,000,000,
eliminate the entire floating and funded debt, except $104,540
of real estate mortgages, and leave the new 1st pref. shares
a first charge on earnings. Assenting securities claims and
stock must be deposited with the Central Trust Co., 54 Wall
S t., as depositary. See adv. on another page.
The com m ittee Includes George W . Davison, Chairman; Charles H . Sabin,
Benjam in Strong Jr., A lbert II. W lggln, James C. Brady, Eugene M eyer Jr,
Neal Rantoul and Elisha S. Williams, with A . Spotswood Campbell as
Secretary, 54 Wall S t., N . Y . City.
Hallgartcn & Co., New York, have underwritten the 24% cash paym ents
due from the shareholders, and are managers of the underwriting syndicate.
Present Status— Digest of Plan.
Total Debt U. S . Motor Co. and Sub. Cos., incl. Interest to Sept. I I 1912,
$11,253,910, (Excl. Inter-Co. Accounts)— Proposed Treatment.
a. Real estate m o r t g a g e s ..------$164,540 T o be left undisturbed.
b. Current accounts, & c .......... 150,000 T o be paid under plan.
c. Notes of sub. cos. endorsed
b y U. S. M otor C o ............. 2,191,258 T o be paid under plan.
d. U . S. Motor Co. notes en.
, . ,
dorsed by sub. c o s ______ 679,980 Cash or cash and stock.
e. Deb. bds. & scrip (lncl. ln t.)6 ,1 6 l,5 10 140% n ew stk. tr. c t fs .(se e below)
/. Claims against U. S. M. C o.1,903,622 25% cash and 65% stk. tr. ctfs.
The foregoing docs not include (a) liability upon claims of Providence
Engineering Co. or upon notes made by or for the benefit of E . R . Thom as
M otor Car Co. (V. 95, p. 622). All of the stock of these companies is owned
or controlled by the U. S. M. Co. and the validity of certain o f these claims
against the U. S. M. Co. is doubtful. Said claims may be absorbed through
a reorganization or liquidation of said com panies, (b) Liability on certain
notes secured by cars, (c) Liability of Briscoe Mfg. C o., the interest of
the U. S. M. Co. In said co., it is estimated, largely exceeding said lndebt.
$6,730,087 of Cash Requirements.
Indebtedness (itemsO.c&d) $3.024,238125% of claims
- - - - - $475,006
Cash working c a p ita l.. . .. 3,000,0001Expenses of reorg., &c _ .
229,913
These cash requirements are to be met from (a) the payments by depositing
stockholders of $5,720,996 and with (0) cash which passed to the receivers
on their appointm ent or which will be made available through the payment
of claims as contem plated by the plan, $1,009,091; total, $6,730,087.
Immediate Capitalization (Vot. Tr. Ctfs., & c.), $31,164,540, Incl. Irea s. Stk,
1st pref. stock, 7% cum .,
ICommon s t o c k .............. ..$11,000,000
red. 105 and d l v ______ $11,000,000 I Existing real estate mort2d pf. stk., 6% non -cu m . 9,000,0001 gages ................- - - - - - . } " 4 ;5'10
N ote.— Under certain conting. the stock may be Increased as stated below.
The present capitalization and Indebtedness Is $35,091,393.
Estimated Net Earnings for First Fiscal Year after Reorg. is Fully Effected
Net available for dividends............... - ........................................... ..$1,500,000
Dividends— 7% on $11,000,000 1st pref. stock, $770,000; 6 % . .
on 89,000,000 2d pref. stock, $540,000......... ................................ 1,310,000
Applicable to dividends on $11,000,000 com m on s to c k .........
$190,000
Proposed New Capitalization (but see “ n ote” following table b e lo w ).
1 S ll 000 000 First Preferred (p. & d.) Stock entitled to cumulative
dividends from Jan. 1 1913 at rate of 7% per annum and no m ore, out of
the surplus or net profits as and when determined and declared by the board.
Under such limitations and regulations as the com m ittee shall establish,
to be subject to redemption at any time at 105% and accrued dividends,
and for tills purpose there will be applicable, beginning A ug. 1 191.), out
of the surplus or net profits before any dividends for the said year shall be
paid upon the outstanding capital stock, an amount in cash equal to 1 ,,
of the first pref. stock. The new com pany shall not Increase the first piet.
stock and shall not suffer any mortgage or other lien upon the property and
assets without the consent of the holders of 7o% of the first pref. stock.
2. $9,000,000 Second Pref. (p. & d.) Stock. Entitled, subject to prior
rights of the first pref. stock, to non-cum ulatlve dividends at rate of b /0
per annum and no more, payable out of the surplus or net profits, as and
when determined and declared by the board.
3. $11,000,000 Common Stock. (All the stock will be In a voting trust.)
Voting Trust.— All the new stock other than directors’ shares shall be
vested for not exceeding five years In Charles II. Sabin, Harry Bronner and
James C. Brady and their successors as voting trustees.
I he voting trust
agreement may provide for an increase in the number of trustees and ror the
termination of the trust by the trustees at any time; and If practical It shall
forbid the creation of any Hen upon the property and assets as well as the
increase of tile 1st pref. stock, without the consent of voting trust certifi
cates representing 75% of the 1st pref. stock and a m ajoilty of the 2d p ref.
stock, and a m ajority of the com m on stock; and also any Inc ease of the 2d
pref stock without consent of voting trust certificates fer a m ajority of the
2d pref. stock and a m ajority of the com m on stock.
[V O L . L X X X X V
Schedule of Exchange (New Stock Represented by Voting Trust Certificates).
Existing
Amount
Neto First
New Second
New Common
Securities, die.—
Out.
Pref. Stock.
P ref. Slock
Stock.
U. S. Motor Co.
$
$
$
5
(1) No assessment—
Deb. bondsandint. 6,161,510 50%-3,080,755
50%-3,080,755 40%-2,464,G04
Claims and Int.
{with 25% cash) 1,903,622 25% - 475,906
25% - 475,90G 15% - 285,543
2. If paying $24 a share—
25%-2,874,933 30%-3,449,920
Pref. stock.......... 11,499,733 24%-2,759,93G
Common stock ...12,206,350 24%-2,929,524 17H%-2,136,111 30%-3,66l,905
Columbia Co. (assess. $24 p. sh.) —
Pref. stock______
13,400 24%-
3,216
25%-
3,350 30%-
4,020
Common stock . . .
118,000 24%- 28,320 174$%- 20,650 30%- 35,400
Reorganization expenses, &c-------------1,722,343
408,295
1,098,608
T o ta l................................................. 11,000,000
9,000,000
11,000,000
N ote.— T o the extent necessary to make distribution of voting trust
certificates to holders of such of the notes of the U. S. M. Co. endorsed by
one or more of the sub. companies as shall not be paid in full under the plan,
the capitalization of the new com pany may be Increased. In case none of
these notes shall be established as claims against the sub. companies, it is
intended to distribute to the holders of such notes participating in the plan
25% thereof in cash and voting trust certificates representing first pref.
stock (25% ) 8169,995, second pref. stock (25% ) $169,995 and com m on
stock (15% ) $101,997, and that the authorized capital stock shall be In
creased b y said amounts; in such event there will be added to the cash pro
vided by the reorganization 75% of the amount of such claims, $509,985.
If the amount of the indebtedness as finally fixed shall exceed the amounts
as set forth in the above schedule of exchange, then, in the discretion of the
com m ittee, the amount of the several classes of new stock m ay be Increased
to provide for such excess at the rate provided in said schedule.
Ten per cent of the amounts payable b y holders of outstanding stocks,
1 e 82 40 of the $24 payable on each of their $100 shares, aie payable
in n ; Y . funds at the Central Trust Co. on deposit o f the certificates of
stock, and the balance in installments as the com m ittee shall detci mine.
A syndicate, in consideration of certain amounts o f 1st p icf., 2d pref.
and com m on stock (Included in above table under reorg. expenses, &c. ),
has agreed to purchase for the amount of the cash amounts payable b y the
old stockholders the voting trust certificates representing the stock allotted
to any stockholders who fall to make such paym ent.— V . 9o, p. 68o.
United States Printing & Lithographing Co.— Incorp .—
The com pany has been incorporated In Ohio as a selling com pany for
the United States Printing and United States Lithographing companies
per plan V . 95, p. 425. The immediate Issues of stock are reported as
$1,250,000 com m on, $1,500,000 first cumulative 7% pref. and $750,000 8%
cumulative second pref. stock.— V . 95, p. 425.
United States Worsted Co .— Plan fo r Consolidation with
Lawrence D ye W orks Co. and Purchase o f Silesia Worsted
M ills, In c . — A committee consisting of Theodore L. Pomeroy,
G. F. Russell and Ivar L. Sjostrom, with C. B. Humphrey
as Secretary, care of Old Colony Trust Co., Boston, has
been formed to carry out the plan of Oct. 1 1912, and is call
ing for deposits of the stock of the U. S. Worsted Co. and the
Lawrence Dye Works Co. with the Old Colony 1.rust Co,,
as depositary, 17 Court S t., Boston.
Condensed Extracts from Introduction and Plan.
The U. S. W orsted Co. owns and operates weaving mills at Lowell and
Co (V 94 p 212). A t present the U. S. W orsted Co. Is operating 636
looms, leaving 206 looms idle, and is only able to maintain the 636 in opera
tion by means of borrowed m oney. This situation is not due to any lack
o f demand for its product, but to the fact that its working capital is entirely
inadequate even for operations on the present scale.
.
The Lawrence C o., with an up-to-date plant at Lawrence, Mass., does
ail the dyeing and finishing of the goods manufactured by the U . S. W orsted
Co as well as similar work for other mills, but the organization of the U. £>.
Worsted Co. docs not now include a spinning plant and the com pany has
been buying from tlie Silesia W orsted Mills, Inc., about 50% of tlic yarn
manufactured by that com pany. Such a spinning plant is needed.
An opportunity Is now presented to consolidate the properties of the
U S W orsted C o., the Lawrence Dye W orks Co. and the Silesia W orsted
Mills’ Inc on a basis which not only provides adequate cash working
capital, but which also seems to Insure to pref. stockholders added security
for their principal and to com m on stockholders of the U. S. W orsted Co.
a substantial betterm ent of their position. The consolidated com pany will
also secure a conservative and efficient management and the co-operat on
of strong financial Interests, who have agreed to provide in laigc part the
cash requirements of this plan. The U. S. VVorsted Co. is oiganizcd In
Maine. It is proposed to organize the consolidated com pany In Mass.,
which will secure for stockholders exem ption from taxation In Mass.,
N. II., V t., N. Y . and Conn.
Data from Andrew Adie ( Who Will be President of Consolidated C o.),
Boston, Oct. 1.
The U S W orsted Co. is equipped with 812 worsted and woolen looms
of the latest and best type and with machinery capable of dyeing ami
finishing norc than the entire product of Its looms. The hllcsla W orsted
Mills have a large supply of water of the best quality for textile purposes
and include a large m odern worsted-spinning plant having 30 sets of
cards 2 1 com bs, 35,000 spinning and twisting spindles, drawing, &c.,
oil tin. npccssarv scouring, dyeing and finishing machinery for con-
com na des are electrically driven and capable
ductlon at minimum co s t. The U . S . W orsted C o . has extensive water priv
ileges valuable for both power- and other textile uses.
b 4(V i on the results of past years the consolidated com pany should cam
in cx ccss<of $800^000 net per annum, operating 842 looms or about S200,co o in excess of preferred dividend requirements. W ith the enlarged produe11on conTemplatod bv this merger and the- e c o n o m i e s t h e r e b y
the earnings should be increased some 25% ovci the aDOVC iigures, or to
81 000 ooo1, sufficient to create a substantial surplus,
lliese figures arc
conservative and taken from the earnings of both com panies, and arc con
firmed by a com parison with the operating and selling costs of smaller and
less economical plants. The consolidation Is an advantageous one.
Abstract of Plan.
It is proposed that all of the assets of the U. S. W orsted Co. and the Lawrcnce Dye W orks.C o. and the Silesia W orsted Mills, Inc., subject to the
liabilities of each shall be sold to a new com pany, the “ United States
W orsted Co " to be form ed in Mass. The stock of this new com pany
nrcsentlv issuable that is to say, 85,000,000 1st pref.. $4,000,000 2d pref.
and $7,000,000 com m on, will be Issued to the com m ittee in paym ent for
said assets, and in consideration of the paym ent by the com m ittee to tho
new com pany of $2,2 11,250 In cash.
New Capital Stock, A ll in $100 Shares, with Equal Voting Power.
First P ref. Stock, 7 % cum . (dividends Q .-J .15), callable, all or
■'"Vt, at 125 and dlv. and entitled to l l o and divs. In liqulPotal authorized. .. ------- - - : - - . — -.----------------- $6,000,000
datlon.
Reserved for future Issue for Its par value In cash
or additional p r o p e r ty .. . . .
,000,00°
Exchangeable $ for $ for pref. stock o f Lawrence
Dvr» W orks
------ ---------------- ---------------- l, #>00,000
Issuable for new cash and assets of Silesia Mills— 3,500,000
Second P ref. (p. & d.) Stock, 7% non-cum , total au th orized .- Exchangeable $ for $ for pref. stock of U.
W orsted Co. (holders also to receive cquiva...........
lent of O ct. dividend In ca s h )— - — - - - - - - ..$ 3 ,0 0 0 ,0 0 0
T o com . stockholders U. S. W . Co. (see b e lo w ).. 187.500
Issuable for new cash and assets of Silesia M ills.. 812,500
4,000,000
1045
T H E C H R O N IC L E
Oct. 19 1912.]
Common Stock, to ta l a u th o r iz e d ---------- - ------- - - - - - - - ................ ..
7 >0 0 0 -000
Issu a b le a lo n g w ith th e 518 7,50 0 2d p re f. t o th e
h old ers o f th e $3,0 0 0 ,0 0 0 c o m m o n s to c k o f U. b .
W o r s te d C o. (on p a y m e n t o f $15 a s h a r e o n p re s e n t
h o ld in g ), o n basis o f SlOOnew c o m m o n an d $0 2o
In new 2d p ref fo r each $100 o ld share
- - - - - - 3 ,0 0 0 ,0 0 0
Issu a b le fo r n ew cash an d assets o f bile sla M ills — 4 ,0 0 0 ,0 0 0
N o m ortg a g e o r b o n d e d d e b t shall be p la ce d u p o n th e p r o p e r ty unless
th e first p ref s tock has b e e n retired , or e x c e p t w ith th e a p p ro v a l o f 7o%
1,1In o r d e r t o p r o v fd e tlm 'n ew ’cash ! & ?d d e r .°P e a b o d y & C o . an d F . £i M ose
le y & C o B o s to n , a n d A ssets R e a liz a tio n C o:, N . Y . C ity , s u b je c t to tills
nlaii b e com in g op e r a tiv e , h a v e a greed to p u rch ase fro m th e c o m m itte e such
n o r tio n o f the shares a b o v e re fe rre d t o as m a y n o t b e d e liv e re d t o S ilesia
W o r s te d M ills, I n c ., in p a rt p a y m e n t fo r its assets.
Estimated Combined Statement after Consol. (Total each side, $19,611,263).
P la n ts, w a ter p o w e r a n d
g o o d -w ill ______________$ 1 2 ,200 ,79 8
B ills an d a c c ts . r e c e iv a b le 1,281,168
M erch a n d ise, &c - . 3,4 4 1 ,9 7 6
1;irst pre fe rre d s t o c k -------$5,0 0 0 ,0 0 0
S e c o n d p re fe rre d s t o c k - 4 ,0 0 0 ,0 0 0
C o m m o n s t o c k ___________
7,0 0 0 ,0 0 0
B ills a n d a c c o u n ts p a y
a b le ____________________
3 ,611,263
Investments
..............
ii»4,i32
2,4 7 4 ,1 8 9
C a s h _______________
o f the
[O v e r 7 5 % of th e sto c k s of th e U . S . W o rs te d C o. a n d o v e r 9 0 % of
th e
L a w re n c e p re f. Is r e p o r te d to h a v e a s s e n te d .— E d .)
1 3 2 2 , 1 6 26 : V . 9 1 , p . 4 2 ; V . 9 3 , p . 1 1 0 , 4 6 7 .
S ee also V . 8 8 , p .
Utah Securities Corporation.— Merger o f Electric Light and
Power Properties— Offering o f Collateral Trust N otes. — This
company has been organized by a syndicate under the lead
ership of the Electric Bond & Share Co. and Hayden, Stone
& Co., and has acquired practically all the outstanding se
curities of the Telluride Power Co. (V . 95, p. 240, 485) and
all the securities of the Utah Power Co. The latter company
has acquired the Knight Consolidated Power Co. and Davis
& Weber Counties Canal Co., and, in whole or in part, the
properties of securities of half a dozen other companies
operating electric light and power properties in Utah, Colo
rado and Southern Idaho.
All of the stocks, notes and bonds of the operating com
panies controlled have been pledged to secure an issue of
10-year 6 % collateral trust gold notes dated Sept. 14 1912
and due Sept. 15 1922, but callable, all or any part, on any
int. day at 101 and int. Trustee, Guar. Tr. Co., N . Y .
Hayden, Stone & Co., who offer the notes., say:
$4,160,000 common stock for $1,040,000 cash, if not bougnt by the old
stockholders on this basis. Thereiore tne amount ol 'ioledo common stock
which this company will acquire will be not less than 25% and may be as
much as 77% . The common stock Is to be placed in a voting trust which
will contract with us for the management of the property. The financial
plans given below are based upon the maximum of our underwriting re
sponsibility, while our statements of earnings arc based on the minimum
amount of the common stock we will receive.
This stock issue will also afford the company ample working capital.
The Doherty Operating Co. has contracted to manage the properties
owned without charge other than for actual expenses for a maximum period
of five years, or until the Improvement Co. is paying 6% dividends upon
Its common; and in consideration for this agreement has been given an
option for five years to purchase at par $1,000,000 of the common stock.
Of the above 510,000,000 pref. stock now being issued, $5,000,000 has
been contracted for by the foreign banking interests which placed the stocks
of Cities Service Co. and Consolidated Cities Light, Power & 'Traction Co.
in Europe. The offering in America is limited to $5,000,000 pref. stock
and $2,000,000 common stock. Prior rights of subscription for $2,000,000
of pref. stock with $800,000 of common stock were given with notes of
Gas Securities Co. dated Aug. 10 1912 (V. 95, p. 363). The notes may be
applied at par and int. in payment for subscriptions when accompanied
by “ rights” or may be held until maturity if desired.
The plan anticipates the payment of monthly dividends at rate of 6%
per annum upon the pref. stock. It is expected that 2% per annum, also
payable monthly, will be paid upon the common stock until Dec. 31 1913;
and that the dividend upon the common stock will be increased at least 1%
per annum each succeeding year until 6% Is reached, and that any dividends
In excess of 6% will be paid in common stock.
Officers and Directors.— Ilenry L. Doherty, Pres.; Frank W. Frueauff,
and Charles T. Brown, V.-Presidents; Holton II. Scott, Gen. Mgr.; Paul R.
Jones, Sec.: Louis F. Musil, Treas.; William F. Hoffman, Columbus, O.;
Leslie M. Shaw, Phila.; James Mitchell, of Sperling & Co., London; Judge
Warren W. Foster, N. Y.; James Satterfield, Dover, Del.
E x tr a c ts from S ta te m e n t by D o h e r ty O p eratin g C o .— E s tim a te 1 9 1 3 to 1 9 1 5
Past Year.
1913.
1914.
1915.
Net earnings._____________ 51,083,900 $1,220,000 $1,420,000 $1,670,000
6% dividend on $10,000,000
pref. stock -.................
600,000
600,000
600,000
600,000
Bal. for common s t o c k ...
$483,900 $620,000
$820,000 51,070,000
Per cent on$10,000,000 com .
4.83
6.2
8.2
10.7
Toledo (O.) Liqht A Railways Co.— Now forming as successor of Toledo
Railways & Light Co. (sec above) serving Toledo, a maufacturing city
with excellent harbor and 200,000 people. The 1910 Census show's that
Toledo led all other cities for the decade in percentage of Increase both in
value of manufactured products and number of factories. Owns entire
street railway system in tne city and three interurban lines, total, 260 miles;
also the electric light and power and artificial gas and heating systems; an
unusually attractive field. Franchises for gas and electricity without time
limit; no unusual restrictions. The franchises for a portion of the street
railway system have expired and a new arrangement will have to be made.
Danbury (Conn.) & Bethel Gas & Electric Liqht Co.— Serves Danbury, the
A ll of th e o p e ra tin g p ro p e rtie s a re n o w b e in g m e rg ed in to a n e w c o rp o ra foremost hat-manufacturing city; pop. 1910, 20,234 and Bethel, (3,792)
ti o n , th e U ta h P o w e r & L ig h t C o. (o rg a n iz e d in M a in e ), w hose: b o n d s a n d
with electric light, power and gas. Has 33 miles of gas mains and 3,973
p re f. sto c k s w ill la te r be so ld a n d th e p ro cee d s d e p o s ite d w ith th e tr u s te e , customers in Danbury and 642 in Bethel. Electric department, 1,091 cus
w h ic h will fro m tim e to tim e u se th e s a m e to r e tir e th is issue of n o te s .
tomers In Danbury and 120 In Bethel. Franchises without time limit; no
C a p i t a l i z a t i o n o f U t a h S e c u r i t i e s C o r p . ( I n c o r p . i n V a . S e p t . 10
1 9 1 2 ) • unusual restrictions. [At last advices: Stock, $400,000: bonds, $150,000]
Brantford (Ont.) Gas Co.. Ltd.— Serves progressive manufacturing city,
C a p ita l s to c k , in s h a re s of $ 1 0 0 e a c h ................................................... . . $ 2 7 , 5 0 0 , 0 0 0
pop. last Census 25,000, now cst. 30,000. Purchases natural gas from Do
C o u p o n n o te s d u e S e p t. 1 5 1 9 2 2 (p a r $ , 0 0 a n d $ 1 ,0 0 0 (c ) .
minion Nat. Gas Co., Ltd. (V. 95, p. 113), and has 40 miles of mains and
I n te r e s t M . & S . 15 in N ew Y o rk ..................................................... 2 5 ,0 0 0 ,0 0 0
4,200 customers. Owns artificial gas plant (not oper.). Franchises un
T h e se n o te s h a v e all b e e n s u b sc rib e d fo r a n d th e firs t call o f 3 0 % ( $ 7 ,
limited- no unusual restrict. [Stock last advices, $125,000; bonds. $85,000.)
5 0 0 ,0 0 0 ) h a s b e e n p a id in; s u b s e q u e n t calls to b e m a d e to fit th e n e e d s of
Woodstock (Ont.) Gas Co.. Ltd.—Serves a progressive manufacturing city.
th e c o m p a n y for im p ro v e m e n ts a n d e x te n s io n a n d fo r p u rc h a s e o f a d d itio n a l
Manufactures coal gas and has 21 miles of mains serving 1,400 customers.
1,1 T h e s u b s id ia ry c o m p a n ie s n o w fu rn is h p o w e r to th e ric h m in in g d is tr ic ts Will probably purchase natural gas from Dominion flat. Gas Co., Ltd.
Franchises unlimited. [Stock at last accounts, $86,200; bonds, $o0,000.]
n S a n M iguel a n d O u ra y c o u n tie s , C o lo ra d o , a n d to all of th e p rin c ip a l
Athens (Ga.) Railway & Electric Co.— Furnishes all of the electric railway,
m in in g d is tric ts in U ta h , in c lu d in g B in g h a m . T ln tlc a n d P a rk C ity ; also a
light and power service in tills manufacturing city, pop. (1910), lo ,000,
p o rtio n of th e p o w er u s e d b y th e U ta h L ig h t & H y . C o . fo r s tr e e t ra ilw a y
a n d lig h tin g se rv ic e in S a lt L a k e C ity a n d O g d en ; fo r irrig a tio n p u m p in g and growing rapidly. Owns water power and steam plants, 3,100 k.w.
capacity, and has 99-year lease on a water-power plant of 3,000 k.w. caa lo n g th e sh o res of U ta h L a k e , a n d fo r re ta il lig h tin g a n d p o w e r b u sin ess
pac. Franchises unllm.; no unusual restrictions. (See p.9 of El.Ry. sec.)
In 13 c itie s a n d to w n s in U ta h , Id a h o a n d C o lo ra d o . N ow fu rn is h in g
Coshocton (O.) District Gas & Fuel Co.— Is being organized in Delaware to
p o w e r to th e U ta h C o p p er C o. ( 8 ,0 0 0 h .p .) a n d h a s r e c e n tly clo sed a n ew
2 5 - y c a r c o n tr a c t ca llin g fo r a to ta l of 3 1 ,0 0 0 h . p ., of w h ich lo.OOO h .p . is own extensive leases of proven gas-bearing lands in Licking and Knox
to be fu rn is h e d im m e d ia te ly . A lso fu rn is h e s p o w er fo r all of th e re q u ire counties, O.; also 66 miles of pipe lines and gas-distributing systems in
m e n ts of th e O hio C o p p er C o. a t B in g h a m a n d to th e A m e ric a n S m e ltin g villages of Bladcnsburg, West Bedford and Warsaw and city of Coshocton,
where it has satisfactory franchises.
& R e fin in g C o. a t G a rfie ld .
,
m
„
,
Bartlesville (Okla.) Gas, Electric & Ry. Co.— Serves Bartlesville, Smelter• T h e p ro p e rtie s c o n tro lle d o r o w n e d a re th e T e llu rid e P o w e r C o.; th e
K n ig h t C o n s o lid a te d P o w e r C o.; h y d ro -e le c tric p la n t of th e D av is & town and Dewey, total pop. about 18,000, with railway, electric light, gas
W e b e r C o u n ties C an a l C o ., c a p a c ity 5 ,0 0 0 h .p .; s te a m p la n t of th e S a lt and power service. Satisfactory long-term franchises. (See Bartlesville
L a k e & O g d e n R y . C o.; s te a m p la n t of th e U ta h C o p p er C o ., 1 0 ,0 0 0 h . p
lntcrurban R y., p. 12 of "Electric R y. Section.’’)
Empire Gas & Fuel Co.— A holding company organized in Del., and, be
a c q u ire d u n d e r lo n g lease; M e rc h a n ts' L ig h t & P o w e r C o. of O g d e n , a n d
p ro p e rtie s of m isc ellan eo u s s m a ll lig h tin g c o m p a n ie s . T h e re is a to t a l of sides other miscellaneous holdings, owns stock In the following companies;
1 7 h y d ro -e le c tric p la n ts , w ith a to ta l c a p a c ity of 6 0 ,0 0 0 h .p . a n d 9 9 7 m iles Wichita Nat. Gas Co. (V. 94, p. 348), 75%; Quapaw Gas Co., 66 2-3%, and
Southwestern Reserve Gas Co., 100%. The Quapaw and Wichita com
o f tra n sm is sio n a n d d is tr ib u tio n lin e s . I t Is e s tim a te d t h a t th e u lt im a te
c a p a c ity of th e se h y d ro -e le c tric p ro p e rtie s w h en fu lly d e v e lo p e d w ill b e panies obtain their gas Jointly and principally from the Hogshooter Pool,
a b o u t 1 2 0 ,0 0 0 h .p . T h e fra n c h ise s h a v e n o b u rd e n s o m e c o n d itio n s a n d , where they lease lo,762 acres, with 36 wells, aggregate dally open flow
w ith a few u n im p o r ta n t e x c e p tio n s , e x te n d fo r a p erio d of 4 0 y e a rs o r lo n g e r. capacity 87,000,000 cu. ft. on July 1 1912. The Quapaw Gas Co. transmits
C o n tro lle d b y In te re s ts closely a llie d w ith E le c tric B o n d & b h a r e C o. natural gas to Bartlesville, Miami and Vinita, Okla.,and Joplin district,Mo.
The Southwestern Reserve Gas Co. is being org. in Dela. to drill for gas
of N ew Y o rk a n d th e G e n e ra l E le c tric C o.
throughout a well-defined gas belt of over 500,000 acres of leases; already
E a r n i n g s of p ro p e rtie s c o n tro lle d for th e 12 m o n th s e n d in g J u n e 3 0 1 9 1 2 .
22 producing gas wells (dally open flow capacity more than 150,000,000
G ross e a rn in g s , $ 1 ,0 9 4 ,6 9 8 ; o p e ra tin g e x p e n se s , $ 4 6 1 ,6 6 3 ; n e t e a rn in g s ,
cu. ft.) have been drilled, cased and capped.
$633 035
T h e se e a rn in g s a re e x c lu s iv e of a n y re v e n u e fro m (a> th e
5 0 0 0 h .p . p la n t of th e D avis & W e b e r C o u n tie s C an a l C o. a n d th e p la n t of
Western Union Telegraph Co.— Earnings. — For 3 mos.
S a lt L a k e & O g d en R y . Co.; (b) th e a d d itio n a l p o w er re q u ire m e n ts of th e
U ta h C o p p er C o. u n d e r th e n e w c o n tr a c t, a n d (c) M e rc h a n ts ’ L ig h t &
P o w e r C o. of O g d e n , w hich h a s J u s t b e g u n o p e ra tio n .
V o tin g tru s te e s : R ic h a rd E . B re e d , J a m e s C a m p b e ll, C h arles H a y d e n ,
S . Z . M itc h ell, J o se p h R . N u tt.
Utilities Improvement Co., New York.— Underwriting
Offered in New Doherty Enterprise .— Henry L. Doherty & Co.,
N . Y . City, are offering for public subscription, by adv.on
another page, the unsubscribed portion of the American
underwriting for this new company, which they have incor
porated in Delaware to act as an auxiliary of their existing
holding companies in the acquisition and preliminary devel
opment of public service properties. The underwriting is
offered on the basis of 81,000 pref. stock and $400 common
stock for $1,000 cash. The plan of Oct. 15 1912 says in subst.:
Organized In Delaware to acquire, im pro ve , develop and operate gas,
e le ctric, stre e t o r ln tc ru rb a n ra ilw ays o r o th e r properties o f a sim ila r n a tu re.
P roperties acquired w ill be developed as ra p id ly as possible, and w ill be
tu rn e d over p refe ra b ly to one o f o ur e xistin g holding com panies— C ities
Service Co (V. 95, p. 173, 483) or Consolidated C ities L ig h t, Power &
'T ra ctio n Co. (V. 95, p. 679, 110). In a d d itio n to earnings fro m ope ra tin g
properties, su bsta ntia l p ro fits m ay be expected to realize fro m th e ir sale.
C a p i t a l o f U t i l i t i e s i m p r o v e m e n t C o . — (Par $100) A u t h o r i z e d .
N o w O u t.
6% cum . p ref. stock (callable a t 120 and d lv .; non
v o tin g so long a s divid e nd s arc p a id )__________ $25,000,000 $10,000,000
C o m m o n s to c k (fin a l $ 5 , 0 0 0 ,0 0 0 in t r e a s ., r e s tric te d ) 1 5 ,0 0 0 ,0 0 0
1 0 ,0 0 0 ,0 0 0
P r o p e r t i e s a n d S e c u r itie s to be A c q u ir e d w ith
P r o c e e d s S to ck N o w S o ld .
(Per cent owned o f to ta l o u tsta n d in g com m on stocks.)
T o le d o (O .) L ig h t & R y s . C o -2 5 to 77 A th e n s (G a.) R y . & E le c . C o - 98.33
D a n b u r y & B eth el G .& E .L .C o 99.98 C o sh o cto n (O .) D Ist.G . & F .C o - - 100.00
B r a n tfo r d (O n t.) Gas C o ..L t d . 86.58 B a rtle sv ille (OklfV.) G . , E . & R y - 100.00
W o o d s t o c k (O n t .) Gas C o ., L t d . 100.00 E m p ire Gas & F u el C o ________ 54.07
$2 800 ,000 6-y ea r 7 % n otes o f S o u th w e ste rn R e s e rv e Gas C o . (guara n t c c d b y E m p ire Gas & Fu el C o . ) __________________________________ 100.00
$1 0 4 0 , 0 0 0 6 % c u m . p re f. s to c k o f T o le d o L ig h t & R a ilw a y s C o . h eld
u n d er an u n d erw ritin g ag re e m e n t (see plan fo r th a t C o. a b o v e ) .
S o m e o f these p rop erties h a ve n o b o n d s o r p re f. s to c k s .
N o t in clu d in g
th e T o le d o p rop erties, the to ta l o f b on d s o u ts ta n d in g a m o u n ts t o o n ly $ 2 ,
9 0 9 000 and p re f. s tock s to o n ly $ 3 1 6 ,0 0 0 .
T h e in d e b te d n e ss o f T o le d o
T le h t & R a ilw a y s C o. w ill be $ 7 ,2 0 0 ,0 0 0 o f 6 % 5 -year n o te s, and it also
w ill h a v e ou ts ta n d in g $ 8 ,0 0 0 ,0 0 0 o f 6 % c u m . p re f. s t o c k . O ur a r r a n g c rnnnt o n th e T o le d o p ro p e rtie s is w ith th e b o n d h o ld e r s ’ and s t o c k h o ld e r s ’
c o m m itte e s and m ust b e ra tifie d b y th e m a jo r ity s to c k h o ld e r s . W e are
t o r e c e iv e 2 5 % o f th e co m m o n s to c k fo r agre e in g to d ir e ct th e m a n a ge m e n t
for fiv e years an d fo r agreein g t o b u y $ 1 ,0 4 0 ,0 0 0 6 % o u m . p r e l. sto ck an d
ending Sept. 30 (partly estimated in 1912):
Three
Gross
Net
Bond
Dividends
Balance,
Months—
Income.
(See below). Interest.
(K%).
Surplus
1912
_____$11,598,762 $1,114,000 $334,295 $748,020
$31,685
1911 "
- - Not stated.
2,338,936
434,165
747,906 1,156,865
The net revenue as above for the 3 months to Sept. 30 1912 is shown
after deducting $850,000 for repairs and depreciation, the directors having
voted to appropriate $3,400,000, payable In equal quarterly installments,
out of the earnings of the year ending Dec. 31 1912, for repairs and main
tenance, and also $1,250,000, the quarterly installment of $5,000,000 ap
propriated for reconstruction and depreciation reserve.
Actual Earnings— Detailed Statement for 2 Mos. ending Aug. 31
1912.
$
1911.
5
G ross e a r n in g s --7 ,4 7 7 ,8 1 6 6,5 5 2 ,6 6 6
Expenses—
O p .e x p .,r e n t ,& c .5,4 4 6 ,4 9 8 4,3 1 0 ,2 5 7
C u rrrent
m ain t 585 ,360
505,112
D e p ’ n & r c c o n s t ’n 6 58,733
277,105
'T a x e s ................ ... 150,000
150,000
T o ta l e x p ____ 6,840,591 5,2 4 2 ,4 7 4
— V . 95, p. 986, 983, 967.
N et e a r n in g s ___
O th er In c o m e ___
1912.
1911.
5
S
6 3 7 ,2 2 5 1,310,192
105,446
171,359
T o ta l I n c o m e - 742 ,6 7 1 1 ,481,551
_
222 ,872
289 ,400
B o n d interest.
D i v i d e n d s .......... 4 98 ,680
498 ,6 0 4
S u r p l u s _____
2 1 ,119
693 ,5 4 6
— Lawrence Chamberlain, in a little book just issued en
titled “ The Work of the Bond House,” talks interestingly
about the bond business from the viewpoints of buying, sell
ing, advisory and protective. The various classes of bonds
arc discussed. Mr. Chamberlain has long been identified
with the bond business and last year wrote a book entitled
“ The Principles of Bond Investment.”
Moody's Magazine,
35 Nassau S t., publishers.
— J. D . Gallaway, civil engineer, has an interesting arti
cle in the October issue of “ Rollins’ Magazine” on hydro
electric power and its development. The writer holds that it
constitutes one of the greatest of movements in the conserva
tion of the natural wealth of the country, and that the public
sentiment that has been created against this industrial pro
gress is most unfortunate. E . H . Rollins & Sons, Boston,
publishers.
T H E C H R O N IC L E
1046
S p o rts
aw d
[Vol. LXXXXV.
^ a c u m m ts .
GREAT NORTHERN R AILW A Y COMPANY
T W E N T Y -T H IR D A N N U A L R E P O R T — FO R
_
The Directors submit the following report for the year
ended June 30 1912:
T o the Stockholders:
C A P IT A L STO CK.
There was no change during the year in amount of author
ized share capital; same remains at $210,000,000 00.
Par value of stock Issued to and Including June 30 1011.— $209,981,873 00
There were issued during the year, in completion of previous
transactions, 88 % shares, or----------------------------------------8,875 00
Total outstanding June 30 1912_______________________ $209,990,750 00
Which was represented by:
Stock certificates_______________________________________ $209,990,000 00
Full-paid subscription receipts to $60,000,000 issue not
at that date surrendered for exchange into stock certlf’s
80 00
Scrip, full-paid-------------------------------------------------------------670 00
Total____________________________ _______ ______ ______ $209,990,750 00
There remained unissued June 30 1912 92
shares of
Great Northern Stock for acquiring 74 shares of The Saint
Paul Minneapolis & Manitoba Railway Company still out
standing.
BONDED DEBT.
The balance sheet, on a later page, gives amounts of
bonds outstanding June 30 1912. The figures compared with
those of June 30 1911 follow:
In cr ea s e (+ ) or
D e c r e a s e d —).
1912.
1911.
Outstanding In hands of
the Public_____________ $143,757,909 09 $144,331,909 09
(See detail list on a fol
lowing page.)
Held in the Co.’s Treasury. 16,823,000 00 10,005,000 00
Held by Mortgage Trustees 14,106,000 00 14,100,000 00
„ ,
— $574,000
„ „
+0,818,000
.......... .
Totals_________________ $174,686,909 09 S1G8.4 12,909 09 + $ 6,244,000
Decrease in amount of bonds outstanding in hands of the
Public resulted from payment at maturity, July 1 1911, of
Minneapolis Western Railway Company’s First Mortgage
Five per cent Bonds_________________________________________ $500,000 00
and redemption, through operation of the Sinking Fund, as
per table on a later page, o f ----------------------------------------------- 74,000 00
par value, The Saint Paul Minneapolis & Manitoba Hallway
Company Consolidated Mortgage Four per cent Bonds;
T o ta l.................................- ............. - ..............- ........................$574,000 00
$10,000 00 The Saint Paul Minneapolis & Manitoba Rail
way Company Dakota Extension Mortgage Bonds, matured
November 1 1910, were paid on presentation.
Increase in amount of bonds “ Held in Treasury” was due
to issuance of $6,818,000 00, face value, of the Company’s
First and Refunding Mortgage Gold Bonds, Series “ A ,”
4 M per cent, in accordance with the terms of the mortgage
Securing the same. Of these, $3,000,000 00 were issued against
construction and acquisition of property and $3,818,000 00
against acquisition of the following shares of stock:
$2,250,000
a /\en e*
1,056,600
500,000
30.000
15.000
5.000
(22,500 shares) Vancouver Victoria & Eastern Hy. & Nav. Co.,
/(10,566
1A
«« \) Everett J
UC
horrv V
7t»llttV 'IVflntim
&
Cherry
Valley
Traction’l (,f»
Co.,..
) Minneapolis Western Ry. Co.,
( 5,000
) Brandon Saskatch.&Hudson’s Bay Ry. Co.,
( 300
) Nelson & Fort Sheppard R y. Co.,
(
150
) Red Mountain Ry. Co., and
(
50
) Manitoba Great Northern R y. Co.
1.000 (
10
GENERAL.
Expenditures were made in completing or carrying on
construction of new lines and for preliminary expenses for
projected lines, as follows:
Fargo to Surrey, N. D --------------- --------------------------------------- $5,299,041
Stanley to WUdrose, N. D-------------------- ----------- ---------------417,347
Vaughn to Gilman, Mont-------------------------------------------------303,313
Moccasin to Lcwlstown, Mont........ ........... ........... ....................
336,037
Wenatchee to Pateros, Wash______________________________
203,594
Orovllle to Pateros, Wash---------------------- ---------------------------41,853
Bluestem to Peach, Wash-------------------------------------------------464,140
Bainvllle to Plentywood, Mont. (Completion)_______________
274,681
Preliminary expenses for Sundry Lines, the construction of
which has not yet been commenced---------------------------------86,000
00
31
67
37
44
91
55
91
65
Total___________ _______ ________ ____________________ $7,426,936 81
which amount, less $32,673 01 expenditures heretofore made
on account of projected lines which will not be built at pres
ent, or a net amount of $7,394,263 80, was charged to
“ Cost of Road.”
Details of expenditures for equipment and of the $5,083 03
charged to “ Cost of Elevators” appear in the President’s
report and also in tables on anoth r page.
There was expended for Additions and Betterments the
sum of $2,317,990 SO, which was charged to “ Cost of
R oad.’
Of the total, cost of Betterments, $1,178,071 61,
was paid from and debited against the “ Fund for
Permanent Improvements and Betterments” and was cred
ited to “ Cost of Additions and Improvements made to prop
erty of Great Northern Railway Company and paid for from
‘Fund for Permanent Improvements and Betterments.’ ”
This Permanent Improvement Fund was credited $3,502,
000 00 out of the year’s income, as shown on another page,
and $6,865 05, net proceeds from sale of town lots and lands
not forming a portion of the railway property or land grant.
T H E FISCAL Y E A R E N D IN G JU N E 30 1912.
The Company’s investihent in Canadian Companies has
been increased as follows:
By purchase, at par, of shares of Capital Stock, as listed
above, of:
V a n c o u v e r V ic to ria & E a s t e r n R y . & N a v . C o .................................. $ 2 , 2 5 0 , 0 0 0
B ra n d o n S a s k a tc h e w a n & H u d s o n ’s B a y R y . C o ____________
3 0 ,0 0 0
N elso n & F o r t S h e p p a r d R y . C o ......... .........................................................
1 5 ,0 0 0
R e d M o u n ta in R y . C o ________________________________________
5 ,0 0 0
M a n ito b a G re a t N o r th e r n R y . C o ....................... ........................................
1 ,0 0 0
OO
00
00
00
00
By advances to:
M a n ito b a G re a t N o r th e r n R y . C o ____________________________
M id la n d R y . C o . of M a n ito b a _____ __________________________
1 ,6 0 8 5 4
3 3 4 ,2 6 1 15
T o t a l___________________________________________ ________ $ 2 ,6 3 6 ,8 6 9 6 9
T h e re w ere re p a id to G r e a t N o r th e r n R y . C o. a d v a n c e s m a d e
to C a n a d ia n C o m p a n ie s d u r in g p re v io u s y e a rs to th e a m o u n t
o f _______________________ __________________________________
5 8 4 ,6 3 1 7 7
L e a v in g a s th e n e t In c re a se In th e I n v e s tm e n t------------------------ $ 2 ,0 5 2 ,2 3 7 9 2
The proceeds received from sale of their share capital by
the Canadian Companies has been used in making repayment
to Great Northern, as above, in paying cost of construction
and additions and betterment work done during the year,
or is in hand for payment of cost of construction now in
progress.
As stated on a later page, there was advanced to K oot
enai Valley Railway Company $11,564 39 for Additions and
Betterments made during the year.
The entire outstanding capital stock, 10,566 shares, of
Everett & Cherry Valley Traction Company was acquired
at a cost of §1,056,600 00, as stated above. Its •line,
17.84 miles in length, extending from a connection with Great
Northern R y. Co.’s tracks at Monroe to Tolt, W ash., is op
erated by the Great Northern.
Kootenay Railway & Navigation Company, Limited, was
liquidated and Great Northern Railway Company received,
free of bonds, the entire capital stock of Kaslo & Slocan
Railway Company, International Navigation & Trading
Company, Limited, Kootenai Valley Railway Company and
Bedlington & Nelson Railway Company. The stock of
Kaslo & Slocan Railway Company and the property of
International Navigation & Trading Company, Limited,
were sold. The Great Northern now operates and includes
in its accounts the lines of Kootenai Valley Railway Com
pany and Bedlington & Nelson Railway Company, extending
from Bonners Ferry, Idaho, to Kuskonook, British Colum
bia, 49.76 miles (including 8.67 miles trackage over Canadian
Pacific Railway Company’s line between Wilkes and Sirdar
Junction, British Columbia). The securities of Kootenay
Railway & Navigation Company, Limited, were written off
and the stocks of Kootenai Valley Railway Company and
Bedlington & Nelson Railway Company were taken up at
following amounts:
’
K o o te n a i V alley R a ilw a y C o m p a n y ------------------------------------------ $ 6 5 5 , 0 0 0 0 0
B e d lin g to n & N elso n R a ilw a y C o m p a n y _______________________ 2 8 0 , 0 0 0 0 0
Profit and Loss was credited with $5,191,209 07, received
from Lake Superior Company, Limited, under its contract
with the Company dated October 20 1899.
$3,400,000 was written off to cover depreciation of steam
ships of Great Northern Steamship Company and Northern
Steamship Company and net loss on steamship “ D akota” ,
wrecked in 1907. Of this amount $750,000 was charged to
Income; the balance to Profit and Loss.
"
January 1 1912 Mr. Edward Sawyer resigned as Secretary
and Assistant Treasurer.
,
Mav 27 1912 Mr. C. R . Gray was elected President.
July 1 1912 Mr. James J. Hill resigned as Chairman of the
Board and Mr. Louis W . Hill was elected as his successor.
Upon resigning as Chairman, Mr. James J. Hill submitted an
address, which, by order of the Board of Directors, is made
part of this report, as follows:
M R . H IL L 'S A D D R E SS
■” ) ' 3
“ With my resignation to-day of the Chairmanship of the
Board of Directors ends my active official participation in the
conduct of the Great Northern Railway Company. The work
begun nearly forty years ago has been substantially accom
plished; though its results have been extended far beyond
the foresight of any one at that time. I hope that I have
earned the leisure which every man looks for who has borne
the burden and heat of life’s day. The property whose
fortunes I have directed for so many years has become an
organic growth. Its future will be shaped more by tne
forces that govern the development of the natural resources
of the country than by individu 1 initiative,
ih e present
is a favorable time for making the change from an active
part in the affairs of the Company. I will remain a member
of the Executive Committee of the Board, and any services
it may need from me will always be at its command. But
it seems wise to begin the process of adjustment to other
hands at this time, when all the outlook is fair and every
change may be weighed with deliberation in the light of
what is for the best interest of the property. My natural
regret in relaxing the closeness of a relation coveringithe
UCT. 19 1912.]
T H E C H R O N IC L E
lifetime of a generation and closely interwoven with my
own is relieved by the knowledge that the property re
mains in competent and able hands, and is so well fortified
against possible mischance that its future must be as stable
as its past.
It seems fitting to give, at this time, to those associated
with me in the management of the property, to the many
thousands who have invested in it, and to such part of the
public as may be interested, some brief story of the creation
and progress of the Great Northern Railway System as it
exists to-day. This is historically not unimportant as a
cliaptcr in the growth of the Northwest and of our common
country. A record of events still near and vivid in my
memory will serve as a note of cheer and a word of farewell.
Nearly forty years ago the thought of a possible railway
enterprise in the Northwest began to occupy my mind. It was
born of experience in Northwestern transportation problems
that had occupied most of my early business life, of faith in
the productive powers and material resources of this part
of the country, and of railroad conditions at that time.
The feverish activity in securing railroad concessions in
land and cash that marked the sixth decade of the last
century had been followed by collapse. Doomed as these
enterprises were to ultimatefailureby theirlack of commercial
foundation and financial soundness, they were suddenly
wrecked by the panic of 1873. Aside from the Northern
Pacific property, the lines in the State of Minnesota most
important and available if converted into real assets for
the development of the Northwest were the fragments of the
old St. Paul & Pacific Company.
Following the panic of
1873 these were in the hands of a receiver. The holders
of their securities in Holland were more anxious to recover
what they could from the wreck than to put more money
into its completion and improvements that must be made
if the properties were to continue to be operated at all. Their
value lay to some extent in what was left of a land grant
which would be valuable as soon as the country should be
opened, but chiefly in the possibilities of traffic from the
millions of productive acres in the Northwest to be opened
to settlement by transportation facilities. Y et so great
seemed the task and so uncertain the reward in the general
opinion that any plan of acquiring and reorganizing the
property was regarded as visionary in those days by most
holders of capital and most men of affairs.
After long and close study of the situation, the slender
beginning was made on which we risked our all. Failure
would be immediate and final disaster. My associates were
George Stephen, now Lord Mount Stephen, Donald A . Smith,
now Lord Strathcona, and Norman W . Kittson. We bought
the defaulted bonds of these properties from the Dutch
holders. The agreement with the Dutch committee was
executed March 13 1878, and practically all outstanding
indebtedness was subsequently secured. The mortgages
were afterwards foreclosed and the property was bought in.
For those days it seemed a formidable financial undertaking.
The stock of these companies aggregated SO,500,000, and
their bonded indebtedness with past-due interest nearly
833,000,000, aside from floating obligations. These had
to be purchased at prices above those for which they had
previously been offered in the open market. The total
capitalization and indebtedness at that time of the com
panies taken over was approximately 844,000,000.
t- The property secured consisted of completed lines from
St. Paul via St. Anthony to Melrose, a distance of 104 miles,
and from Minneapolis to Breckinridge, a distance of 207
miles; and of two projected lines, one from Sauk Rapids to
Braincrd and one from Melrose to the Red River at St.
Vincent on the inter-national boundary line. On these latter
some grading had been done and about 75 miles of track
had been laid.
There were gaps between Melrose and
Barncsville, Crookston and St. Vincent, that must be filled
quickly. In themselves, had it not been for the promise of
the future, these were scattered tracks in a country just
being settled, out of which to construct a railway system
and on which to base the financing of their purchase and
development.
We advanced the money to build the Red River Valley
Railroad, fourteen miles of track from Crookston to Fisher’s
Landing on the Red River, making a through route by
steamboat from that point to Winnipeg. While negotiations
were pending and also after they were concluded, but before
possession could be secured through the foreclosure of mort
gages, an immense amount of work had to be done. The
extension from Melrose to Barnesville must be pushed and
was carried thirty-three miles, as far as Alexandria; and
ninety.miles were built in the Red River Valley to reach the
Canadian boundary. The former was necessary to save
the land grant, whose time limit, already extended, was
about to expire. '1 he latter was in addition to connect with
a railroad projected by the Canadian Government from
Winnipeg south. As the properties were still in the hands
of a receiver, an order had to be obtained from tin; court
for the completion of the work in Minnesota with funds
furnished by us. Money had to be raised to build these lines
and to furnish equipment necessary for their operation.
“ In May, 1879, the St. Paul Minneapolis & Manitoba Rail
way Company was organized to take over all these properties,
whose bonds had been largely purchased, whose stocks had
been secured and whose aseets were to be bought in under
foreclosure. It had an authorized capital stock of $15,000,-
1047
000, limited by its charter to 820,000,000, and made two
mortgages of 88,000,000 each. George Stephen was made
first President of the Company, Richard B . Angus, Vice
President and I was chosen General Manager. This placed
upon me the practical conduct of the enterprise from its
formal inception.
"T h e lines of the new system turned over to our possession
on June 23 1879 comprised a mileage of 067 miles, of which
565 were completed and 102 under construction. From (he
beginning its business fulfilled the expectations of its found
ers. The annual report for 1880 showed an increase in earn
ing of 54 per cent and land sales amounting to 81,200,000.
And now began the long task of building up the country.
No sooner was a mile of road finished than the need of build
ing other miles became apparent. Before Minnesota had
filled up, the tide of immigration was passing even the fa
mous Red River Valley country and flowing into Dakota.
By 1880 it had become necessary to add a line down the Da
kota side of the Red River, to plan for many extensions
and branches, and two local companies, building lines in
Western Minnesota, were purchased.
“ Only a detailed history of the railroad could follow step
by step the progress of track extension and the financial ar
rangements by which capital was furnished for these constant
and always growing demands from this time on. In a brief
review such as this, I can call attention only to what may
fairly be called points of historic interest in the growth of
what is now the Great Northern System. One of these was
the provision of an eastern outlet by way of the Great Lakes.
An interest was obtained in the St. Paul & Duluth Railroad
Company in 1881. This, with the building of the link from
St. Cloud to Hinckley, gave the necessary access to the
Great Lakes, until the organization of the Eastern Minne
sota in 1887 as a subsidiary company furnished a permanent
outlet and terminals. I was made Vice-President of the
Company November 1 1881, and on August 21 1882 suc
ceeded to the presidency, a position whose duties I was to
discharge for a quarter of a century. Mr. John S. Kennedy,
who had joined our party after the organization of the Com
pany, was elected Vice-President. A t no time have I ac
cepted any salary for my services as President or Chairman
of the Board of Directors, .since I have felt that I was suf
ficiently compensated by the increase in the value of the
property, in which my interest has always been large.
“ Business now grew more and more rapidly, the Northern
Pacific was about completed and the Canadian Pacific was
building toward the Coast. The St. Paul & Pacific Railroad
was originally, as its name implied, intended as a transcon
tinental line. The route to be traversed was rich in fertile
soils and abundance of mineral and forest resources. Quite
as important, perhaps, was the fact that it admitted of the
construction of a line with grades so low and curves so mod
erate as to make possible cheaper overland carriage than had
ever been previously considered. Montana was beginning
a large development of her own; while the active growth of
the North Pacific Coast, though only in embryo, could be
foreseen. 'In 1887 the lines of the Manitoba were extended to
a connection with the Montana Central. This latter com
pany had been incorporated early in January, 1886. Realiz
ing the importance of occupying a field in Montana, which
was essential to the future transcontinental line, valuable in
itself and one which others were already preparing to secure,
we had, with some friends, organized the company under the
laws of Montana. Work was begun at once, the surveys be
ing made in the coldest winter weather. Construction was
rushed. The track was completed to Helena in 1887 and to
Butte by the middle of 1888. A branch to Sand Coulee
opened up the coal mines of that region, furnishing fuel for
use on the Montana and Dakota divisions of the line, and for
the development of the mining interests in Montana, which
had been obliged up to that time to bring in their coal from
Wyoming. The work of extending the Manitoba line to con
nect with the Montana Central launched this Company upon
the most active period of construction ever known in this
country.
“ Five hundred continuous miles were graded between April
and September 1887, and by November 18 643 miles of
track had been laid, an average rate of construction of 334
miles for each working day. The annual report for that
year said: ‘ The new mileage under construction within the
period covered by the fiscal year ending June 30 and the resi
due of the calendar year 1887 . . . amounts to the
relatively large quantity of 1,443.97 miles, or 95.5 per cent
of the mileage under operation at the beginning of the same
fiscal year.’ But this activity on the main line to the west
was only one item in the extension program. In the years
between 1882 and 1888 the stone arch bridge and terminals
in Minneapolis were completed; the Dakota line down the
Red River was finished to a connection with the Canadian
Pacific; the Casselton branch was purchased; a line was built
from Willmar to Sioux Falls and afterward extended to
Yankton; some railroads in South Dakota were bought; the
Montana Central was taken over at cost, and an elevator and
large terminals at West Superior were arranged for. In 1889
the line to Duluth and West Superior was completed, giving
terminals and dock accommodations which to-day are not
surpassed anywhere in the country. The iota; mileage ( Der
ated had now increased to 3,030 miles. The Company had
also begun to operate its own steamships, through tne North
ern Steamship Company, on the Great Lakes. These boats,
1048
T H E C H R O N IC L E
which began to run in 1888 and 1889, not only afforded
reater dispatch in the carriage of grain and flour from the
ead of the lakes to Buffalo and other lake ports, but they
made the railroad independent of other lake lines. It was
thus enabled to protect its patrons, and to prevent its reduc
tions in rates from being absorbed by increases made by the
lines cast of its lake terminals.
“ In 1889 the Great Northern Railway Company was organ
ized, to bind into a compact whole the various properties
that had grown too large for the charter limitations of the
old Manitoba. It leased all the property of the latter com
pany, and was prepared to finance the undertakings about
to be completed or in contemplation. By 1893 the line was
opened through to Puget Sound. In the next five or six
years many improvements were made by relaying track with
heavier rails and by changes in equipment and large additions
thereto. Branches and feeders were built to round out the
system. In 1897 a more direct line from the head of the
lakes to the west was created by purchase and construction
that completed a road across Northern Minnesota to a con
nection with the main line. The taking over of the Seattle
& Montana, which, like the Montana Central, had been built
by us to assure adequate terminals on the Pacific Coast and
to enable construction to go orward from both ends of the
line at once, extended the system from Seattle to Vancouver,
British Columbia. In 1889 it had entered the ore-producing
regions of Northern Minnesota that was to give it a large
addition to its traffic.
“ Just as, in the building of the Montana Central and the
Seattle & Montana, it was necessary to know' thoroughly the
country in advance of railroad construction and to act upon
that knowledge, so these ore lands in Northern Minnesota
had to be examined; and some of them it seemed desirable to
acquire, with a view to the effect upon the future of the Com
pany’s business. In January, 1899, I purchased the Wright
& Davis property, consisting of a line of railroad, some log
ging road and a large quantity of ore lands. The purchase
for 84,050,000 was made by me individually. My purpose
was to secure the shipments of ore from these properties for
the Great Northern; and the profits from the mines, if there
were any profits, for the stockholders of the Company. The
railroad was turned over to the Great Northern at cost.
The ore property was transferred at cost to the Lake Superior
Company, Limited, organized October 20 1900, to hold in
trust, together with other ore interests acquired later. A
trust to administer the Great Northern Ore Properties was
formed December 7 1906, under resolutions adopted by the
Great Northern Company. This trust took over the ore in
terests acquired by me, additional ore lands subsequently
secured, and other properties. It issued against them 1,500,
000 shares of certificates of beneficial interest, which were
distributed, share for share, to holders of Great Northern
stock at the time. The stockholders were thus put in pos
session of all the benefits accruing from the whole transac
tion. A t the end of the last fiscal year the trustees had dis
tributed a total of 87,500,000 to the certificate holders;
while the future value of the properties so covered, owing
to the quality and accessibility of the ore and the demand of
the iron industry for new supplies of raw material, must be
very large.
. .
“ In 1901 the Company decided to open negotiations for the
joint purchase of the Chicago Burlington & Quincy System
by the Great Northern and the Northern Pacific. These
were carried to a successful completion by the issue of joint
collateral trust bonds to the amount of 8215,154,000, secured
by the stock of the company acquired. Time has confirmed
the wisdom of this act, by which through traffic arrangements
have been simplified, and the public has gained much advan
tage by the drawing together of markets and the quick and
cheap distribution of products between Chicago, St. Louis
and the Pacific Coast.
“ It was planned, through the formation of the Northern
Securities Company, to form a holding concern for the control
of these three great properties. The purpose was to prevent
a dispersion of securities that might follow where large
amounts were held by men well advanced in years, and so to
secure the properties against speculative raids by interests
at best not directly concerned in the progress of the country
served by these lines. This was declared illegal, under the
Sherman Anti-Trust Law, by a divided Court, upon suit by
the United States Government, and the Northern Securities
Company was dissolved.
“ In 1907 the subsidiary companies controlled by the Great
Northern, including fourteen railway companies operated as
a part of it, were purchased and incorporated into the Great
Northern System, making of these related parts one homo
geneous whole. In the same year I resigned the presidency
of the System and became Chairman of the Board of Direc
tors— the office that I lay down to-day. The work of ex
tension and improvement has gone forward steadily. By the
construction of the Spokane Portland & Seattle line, along
the north bank of the Columbia River, the Great Northern
and the Northern Pacific obtained jointly entry over their
own tracks into Portland. Lines are now being constructed
through Eastern Oregon that will open up a large and pro
ductive country. In 1909 the Burlington obtained control
of the Colorado & Southern; so that the Great Northern cov
ers, either directly or over the tracks of allied lines, a terri
tory reaching from Chicago, St. Paul, Minneapolis, Duluth
and Superior on the east to Puget Sound and Portland on
[VOL. LXXXXV.
the west, and from Galveston to Vancouver, British Colum
bia. The Great Northern System has grown from less than
400 miles of the original purchase to 7,407 miles.
“ I have some pride in the fact that, while constantly in
creasing both the volume and the efficiency of its service,
the Great Northern has at the same time carried to market
the products of the country at rates which have greatly de
veloped tlic territory served by its lines. If the freight and
passenger rates in force in 1881 had remained unchanged un
til 1910, the total revenue collected from both sources for
the thirty years would have been 81,966,279,194 80. The
revenue actually collected was 8698,867,239 91. The saving
to shippers by the rate reductions which this represents was
81,267,411,954 89, or nearly twice the total amount received
by the railroad. The average par value of its outstanding
stock and bonds in the hands of the public during the same
time was 8155,576,917.
Rate reductions in thirty years
saved to the public more than eight times the average capi
talization. In other words, the railroad could have paid
cash for the entire par value of its stocks and bonds in less
than every four years out of its earnings. I hope this may
be considered a fair division.
“ The results herein summarized could no.t have been ob
tained without the co-operation of a staff of able and devoted
assistants, trained to administrative work and grounded in
right methods. It was clear to me from the first that the
railroad must net more for the money it expended than the
returns generally accepted at the time.
High efficiency
could be achieved only through the work of highly efficient
men working with the best appliances. The staff was built
up by recognizing intelligence and merit through promotions
as vacancies occurred in the Company’s service, and by es
tablishing throughout a morale that was recognized by em
ployees from the highest to the lowest. The result has been
competence and loyalty, physical efficiency and financial
success.
.
“ I shall give only a short summary of the financing of this
great undertaking. The Great Northern was built by the
money furnished by its stock and bond holders and with what
it earned. As part of the property of the St. Paul & Pa
cific it obtained some fragments of a land grant in Minne
sota to that company. With the proceeds of the sales of
these lands, nearly 813,000,000 of bonds were retired and
the annual interest charge has been correspondingly reduced.
All the other transcontinental lines had received large sub
sidies in cash or land grants, or both. They suffered the
check of financial stresses and passed through receiverships
and reorganizations. The Great Northern, which includes
the Manitoba, never failed, never passed a dividend, never
was financially insecure in any time of panic. For thirtythree years its credit has been unimpaired and its resources
equal to any demands upon them; and in times of financial
distress it has been able to assist materially in moving the
crops of the Northwest. The security of the investments
of the holders of stock and bonds has always been a first
consideration; and the success and prosperity that attend
the Company to-day have nor been purchased either by
any doubtful transactions in the stock market or at the cost
of one dollar ever committed by man or woman to this Com
pany in trust.
“ When we obtained an option on the securities of the old
St. Paul & Pacific Company, no individual or financial house
in Europe or America, outside of those associated with us,
would have taken the bargain off our hands. By a few it
was regarded as a doubtful venture, by most as a hope
less mistake. As has been said, obligations aggregating
about 844,000,000 were capitalized at a little over 831,
000,000. The first stock issue was 815,000,000. The in
crease of capitalization from that day to this has followed, step
by step, the growth of the property, though falling far be
low its aggregate cost. Millions of earnings have been used
in betterments and new construction that are usually cov
ered by the sale of stock and bonds.
.
“ The stock of the St. Paul Minneapolis & Manitoba was
limited by its charter to 820,000,000.
When the Great
Northern was organized, it took over the charter of the Min
neapolis & St. Cloud Railway Company. The capital stock
was made 820,000,000, which was afterwards increased to
840,000,000, in half common and half preferred. This was
further increased to 845,000,000 in 1893 and to 875,000,000
in 1898, none of which was issued as common stock, but all
made uniform in character and all shares having equal
rights. As the addition of mileage, the purchase of many
minor companies, the consolidation of all the originally sepa
rate corporations into one system, with the exchange of its
stock for theirs, and the addition of equipment and better
ments required, the capital stock was added to from time to
time. In 1899 it became 899,000,000; in 1901, 8125,000,000;
in 1905, 8150,000,000; and in 1906, 8210,000,000, at which
figure it stands to-day. Every dollar of this represents
honest value received. But the problems of its issue and dis
posal, the creation of a market for securities, the safeguarding
of it against attack and its maintenance as an investment at
tractive and secure were difficult and slow of solution.^ The
Company has now acquired a standing which nothing in the
ordinary course of events can impair.
“ The issue and placing of bonds was in some respects sim
pler and in some more complex than the distribution of stock.
A t the time when the St. Paul Minneapolis & Manitoba was
organized, and for many years thereafter, the railroad world
O C T . 19 1 9 1 2 ]
T H E C H R O N IC L E
was governed by a code now done away with. It was the
general practice to build new roads with the proceeds of bond
issues. The accompanying stock was considered the legiti
mate property of the promoters, who were accustomed to
use part of it as a bonus to the subscribers for bonds.
When
profits were large, stock dividends were held to be perfectly
proper, and the general practice of railroads was to divide
all profits in sight and charge to capitalization all expendi
tures that could be so covered. This code and these policies
were those not merely of speculators or railroad managers,
but were publicly sanctioned, both as a part of the necessary
conduct of the business and ethically. This difference of
standards has to be borne in mind constantly whenever one
deals with railroad developments dating much earlier than
twenty-five years ago.
"During 1878, before the road was organized, 112 miles of
track were built, and more than that the year following. A
large amount of equipment was bought. To cover this out
lay a part of the proceeds of the second mortgage issue of
88,000,000 was used. There was originally a limit of bond
issues to $12,000 per mile of single track road, which was
found to be insufficient even for work mostly on prairie.
In 1880 the Dakota Extension mortgage was authorized, of
which $5,076,000 of 0 % bonds were issued from time to time,
and this total of less than $22,000,000 covered the whole
bonded indebtedness of the Company down to 1883.
But
it by no means covered the actual expenditures for which
bonds might legitimately be issued.
"T h e period from 1870 to 1883, when the railroad was still
an experiment in the minds of most Eastern capitalists, was
not a time to enlarge the volume of securities or ask outside
capital to bid for them. All that this could have secured
would have been some sales at much below par and an im
paired credit. Yet money must be had to keep going the ex
tension which was creating a new Northwest; and, through
that, a profitable and assured future for the Company. So
another method was adopted. The Company diverted to
these uses the money which might have been divided as
profits among the stockholders. At one time 210 miles of
road were built and $1,700,000 were spent on equipment
without a bond issue. The Company became its own banker
while waiting for a favorable market to be created. The
stockholders temporarily renounced their profits in order
to leave their money in the enterprise. But it remained
their money, and their title to it was indisputable. It was
costing now very much more than $12,000 a mile to build a
substantial track. In all, about $11,000,000 of profits were
put into new construction and betterments. The stock
holder of that day expected these profits to be distributed.
His right to them was sanctioned by public opinion as well as
by custom and law. It was recognized in 1883.
"I n that year the credit foundation of the Company was
broadened and its methods systematized by the authoriza
tion of $50,000,000 consolidated mortgage bonds. Of this
amount, $19,426,000 were reserved to retire prior bonds,
$10,574,000 were to be issued immediately and the remaining
$20,000,000 were to be issued only on the construction there
after of additional track at (he rate of not to exceed $15,000
per mile, although the cost per mile was often as high as
$25,000, and the cost of terminals added largely to this sum.
Of the $10,574,000 bonds issued on execution of the mort
gage, $10,000,000 were sold to the stockholders at par, pay
able 10% in cash and 9 0 % in the property that had been
constructed or acquired with the stockholders’ money, hus
returning to them $9,000,000 of the forced loans taken from
them by sequestration of $11,000,000 of their profits during
the previous years. To the stockholders the only difference
was they received a portion of the legitimate earnings of the
Company in the shape of bonds instead of cash, and were
deprived of the personal use of it during the time that it had
been used by the Company. The difference to the Company
was $2,000,000, or more, as it sold to its stockholders at par
bonds which if placed on the market three years before
could have been sold only at a heavy discount; besides, it
was an indispensable aid to immediate growth and a conser
vation and building up of credit. The difference to the public
was not a penny either way.
"A s branch lines were built or acquired, their bonds were
guaranteed. In 1887 an issue of $25,000,000 on lines in
Montana was authorized. Some improvement bonds were
issued. The extension to the Pacific Coast was financed by
the issue of £’6,000,000 of mortgage bonds against the exten
sion lines by the Manitoba Company. In 1889 the bonded
debt had become $60,985,000. The Great Northern, which
now took the place of the other companies, issued collateral
trust bonds, which were afterward retired from the proceeds
of stock issues in 1898.
It assumed the payment of bonds,
principal and interest, of the companies taken into the sys
tem; and its bonded debt thus became $125,975,909 in 1908,
of which over $28,000,000 were held as free assets in the Com
pany’s treasury.
Last year the total bonds on the property
outstanding in the hands of the public amounted to $144,
331,909.
"O f this total $35,000,000 were part of the issue of first
and refunding mortgage gold bonds authorized in 1911;
which brings us to the final standardization of the Company’s
securities and the act by which it provided against future
contingencies. This issue, of $600,000,000 in all, stands to
the big systems of to-day as the $50,000,000 issue of consoli
dated bonds did to the small system of twenty-eight years
1049
before. It creates a financial clearing house through which
its several outstanding securities may be converted into one
of standard form and value; and it forms in addition a
reservoir of authorized credit so carefully guarded by the
conditions of the mortgage that it cannot be abused or dissi
pated, yet so ample that it will supply all needs for probably
fifty years to come. No private estate in this country is
more carefully provided against the future than is the prop
erty of the Great Northern Railway Company. All prior
mortgages become closed, and more than one-half of the total
$600,000,000 is to be used to redeem bonds issued under
them and those issued to buy the Company's interest in the
Burlington. Nearly $123,000,000 may be used to cover the
cost of other properties acquired or to be acquired; while
$100,000,000 may be issued, at not to exceed $3,000,000 per
annum, to cover the cost of future construction, acquisition
and betterments.
"T h e financial outlook of this Company is as well assured
as that of most governments. It has a provision made now,
deliberately and not under any pressure of necessity, for the
work of years to come. That provision may be utilized in
lean years and held in suspense in fat years, so as always to
realize the best prices for securities and to keep the credit
of the Company unimpaired. No emergency can surprise
it. It is financed for a period beyond which it would be
fanciful to attempt to provide. And the development of its
business throughout every part of the practically half a con
tinent which it serves makes the payment of dividends on
the stock as certain as that of its bond coupons. There has
never been a default in either. There has never been a
dollar’s worth of stock or bonds issued that was not paid for
in easily property or services at its actual cash value at the
tune. The stock has paid a dividend ever since 1882, and
since 1900 the rate has remained steadily at 7 % .
“ Ihe occasion permits no more than this condensed state
ment, passing in hasty review the fortunes of the railroad
enterprise for more than thirty-five years. The first phase
of the Great Northern Railway System is ended. The value
of the property is founded on the resources of the country it
traverses. From the head of the Lakes to Puget Sound this
is rich agricultural land. From fifty to one hundred miles
of the line run through mountain valleys, but even these are
susceptible of cultivation. Barring only the actual summits
of the mountain passes, tlie country is capable, under the
best modern agricultural treatment, of multiplying its wealth
indefinitely and furnishing increasing and profitable tonnage
for years to come. The Great Northern is now wrought so
(irmly into the economic as well as the corporate body of the
land as to have fitted itself permanently into the natural
frame of things. So far as any creation of human effort can
be made, it will be proof against the attacks of time.
"N o t lightly may the relation between a man and the work
in which he has had a vital part be set aside. My personal
interest in the Great Northern remains as keen as ever. The
financial interest of myself and family in it is larger now than
it ever was at liny time in the past, and any change would
more probably increase than diminish it.
While I shall be
no longer the responsible head of the Great Northern, I will
contribute hence forth such counsel and advice as may seem
best from one no longer holding the throttle valve or con
trolling the brake.
"M ost men who have really lived have had, in some shape,
their great adventure. This railway is mine. I feel that a
labor and a service so called into being, touching at so many
points the lives of so many millions, with its ability to serve
the country, and its firmly established credit and reputation,
will be the best evidence of its permanent value and that it
no longer depends upon the life or labor of any single indi
vidual.’ ’
The Board respectfully calls the attention of the stock
holders to the reports of the President, of the Comptroller,
with customary balance sheet and statistical tables, and of
the Land Commissioner, which follow,
l o r the Board of Directors.
LO UIS W . H IL L ,
Chairman.
REPORT OF PRESID EN T.
M e . Louis I I . H ill, Chairman Board o f Directors.
Dear Sir — Herewith report for fiscal year ended June 30
1912:
R E V E N U E S , O P E R A T IN G E X P E N S E S , VO LU M E OF
T R A F F IC , ETC.
Gross operating revenues were $66,197,818 99, an increase
of $4,940,186 06, or 8.0646 per cent over last year. Com
pared with year ended June 30 1910 increase was $1,732,
449 12, 2.6874 per cent. By classes, increasesjwere:
1912 I n c r e a s e o v e r 1911. 1912 I n c r e a s e o v e r 1910.
C la ss es—
A m o u n t.
%
A m o u n t.
%
Freight Hevenuc................ .$4,498,194 94 10.3895 $1,201,635 48 2.574 4
Passenger Service Train
. .
K cv e m ie ............................
371,796
712.1713 469,404
732.7570
Switching, Special Service
Train, Miscellaneous, etc.
73,149 00 15.4812
44,599
43 8.9012
Total from Transportat’n $4,943,140 65
Hevenues from Operations
other than Transportation
*2,954 59
8.1068
$1,715,639 64
2.6722
1.0453
16,800 48
6.3938
Gross Operating Revenues$4,940,186 06
8 .0616
$1,732,449 12
2.6874
’ Decrease.
T H E C H R O N IC L E
1050
Increase in freight revenue came mainly from two classes
of traffic:
Total Products of A griculture........... ....................................... $2,793,352 41
Total Products of Mines
........................................................ 1,351,806 65
Lumber traffic decreased as compared with last year.
Tonnage of revenue freight carried increased over last year
4,472,517 tons, 19.3862 per cent; length of average haul de
creased 6.12 miles, or 2.6353 per cent; and ton-mileage in
creased 869,966,341 tons, or 16.2375 per cent, as compared
with an increase of 10.3695 per cent in freight revenue, due
to a decrease of 5.0395 per cent in average revenue per ton
per mile; same being 7.688 mills this year as compared with
8.096 mills last year and 8.219 mills in 1910. This decrease
in average revenue per ton per mile resulted from an increase
in tonnage of low-rate commodities, grain, iron ore and coal,
and from certain rate reductions.
Increase in passenger service train revenue was as follows:
1912 I n c r e a s e o v e r 1911. 1912 I n c r e a s e o v e r 1910.
A m o u n t.
A m o u n t.
C l a s s e s —%
•$688,791 16 4.8128
Passenger Revenue_______ $200,951 79 1.4972
565,360 71 37.9320
68,783 23 3.4616
Mail Revenue____________
582,919 22 58.9968
94,235 38 6.3813
Express Revenue________
Excess Baggage, Parlor anil
Chair Car and Other Pas7,826 31 3.2959
9,915 96 4.2129
senger Train Revenue__
Total .................................
•Decrease.
$371,796 71
2.1713
$469,404 73
2.7570
Number of passengers carried decreased 193,825, 2.3179
per cent; average distance each passenger was transported
decreased 3.554 miles; 5.0324 per cent; number of passengers
carried one mile decreased 42,722,688, or 7.2342 per cent;
average revenue per passenger per mile was 2.487 cents, an
increase of 2.14 mills, or 9.4149 per cent; resulting in an in
crease of 1.4972 per cent in amount of passenger revenue.
Operating Expenses increased $62,155 94, or .1653 per
cent, over last year, classified as follows:
C la sses—
A m o u n t.
P erC t.
Maintenance of Way and Structures........... ............... *$434,490 16 4.5003
Maintenance of Equipment---------------------- -------- -------- 173,417 33 2.2577
Traffic Expenses------- ------ ---------------- ----------------------- 83,281 42 8.2749
Transportation Expenses ................................................ 147,192 44
.8153
General Expenses.......................... ............................... ..
92,754 91 7.6969
T o ta l....................................................... ....................... $62,155 04
•Decrease.
.1653
Increase in General Expenses was due to expenses of the
Minnesota Rate Case. The condition of property and equip
ment appears from results of the Transportation Depart
ment.
While freight train mileage increased 1.2376 per
cent, freight car mileage 7.9678 per cent and freight ton mile
age 11.1229 per cent, Transportation Expenses increased
but .8 per cent. Average number of cars per freight train
mile increased 6.6320 per cent; average number of tons of
revenue freight per freight car mile increased 9.7169 per cent,
and average number of tons of revenue freight per freight
train mile increased 14.8166 per cent.
Taxes were 5.27 per cent of Gross Operating Revenue and
12.17 per cent of Total Net Revenue, an increase of 5.6997
per cent.
The grain crop along the Company’s lines is the best in
several years and should result in heavy traffic and expansion
and prosperity of the territory served by the Company.
N E W L IN E S .
The line from Stanley to Wildrose, N . D ., 50.75 miles,
was opened for regular operation on May 5 1912.
Work was continued on the lines Fargo to Surrey, N. D .,
225 miles, and Vaughn to Augusta (now Gilman), Mont.,
41 miles. On the former line, track-laying is finished and
ballasting and erection of station buildings, fuel and water
stations, etc., are being completed.
Local service was es
tablished September 1, and the line will be ready for through
service by winter. Track is laid with 90-pound steel rails,
maximum grades are .4 per cent West bound and .3 per cent
East bound, with light curvature. Opening this railway for
operation will reduce distance between St. Paul and Minot
nearly 39 miles and will relieve congestion upon main lines
in North Dakota. Territory served by new lines promises
large local traffic from the start. Line between Vaughn
find Gilman, M ont., 41 miles, is expected to be in operation
October 1 1912.
Work was continued on the several lines of the Vancouver
Victoria & Eastern R y. & Nav. Co. Line from Princeton
to Coalmont, 12.16 miles, was opened for regular operation
May 1 1912. Grading west of Coalmont to Coquihalla Sum
mit is in progress. On line West of the mountains the sec
tion between Abbotsford and Kilgard, B. C., 5 miles, was
opened for operation August 15 1912. Construction is in
progress between Kilgard and Sumas Landing, about 8 miles.
From Sumas Landing Easterly to Hope, B . C., the Canadian
Northern Pacific Railway’s new line will be used.
Construction of the following lines was begun:
From Moccasin (a station on the line between Billings and
Great Falls, Mont.) to Lewistown, M ont., about 29 miles.
Line will be opened for operation this fall.
From Wenatchee to Pateros, W ash., 57 miles. Connec
tion will be made with grade completed last year through to
Oroville, Wash. When finished line from Wenatchee to
Oroville, about 135 miles, will open the valleys of the Colum
bia and Okanogan rivers.
From Bluestem, W ash., to junction of the Columbia and
Spokane rivers, about 39 miles.
Since close of the year, construction of line from Niobe,
N . D ., to connection on International Boundary Line, with
[VOL. LXXXXV.
the Grand Trunk Pacific R y. Co’s Regina Line, 22 miles,
has begun, and will rapidly be completed. This line will give
direct access to a section of Saskatchewan, Can., now reached
only through competitive connections.
Map made part of this report shows other projected lines,
construction of which has not yet begun.
Midland Railway Company of Manitoba, jointly owned by
Great Northern and Northern Pacific Railway Companies, in
developing its terminal property in Winnipeg, Man., has built
6.05 miles of main track connecting with other railways, 6.02
miles of sidings and other tracks, a brick freight house 50 by
600 feet, a 4-stall frame engine house with 80-feet steel turn
table, and other buildings. As of May 1 1912, the Midland
Company acquired trackage rights on line of Canadian
Northern Railway between International Boundary and its
own tracks at Winnipeg, and on lines of Canadian Northern
and Grand Trunk Pacific Railways to new union passenger
station at Winnipeg. Since that date the Great Northern
has run its own trains to and from Winnipeg.
E Q U IP M E N T .
Including undelivered equipment from preceding year,
there were received and taken to account June 30 1912:
20 Steam Locomotives,
of the Mikado type, 28x32-incli cylinders, weighing 220,000 lbs. oa
drivers;
58 Passenger Train Cars, as follows:
10
10
3
35
Postal Cars, 60 feet 9 inches long;
Baggage and mall cars, 70 feet 7 M inches long;
Baggage cars, 65 feet 8 % Inches long;
Express refrigerator cars, 50 feet long.
2,100 Freight Service Cars,
being plain Box car's, 40 feet long, 80,000 lbs. capacity.
There remained undelivered on contracts June 30 1912, 25
locomotives and 2,650 freight service cars, most of which
since have been received.
There were built at the Company’s shops during the year:
73 Eight-wheel caboose cars, 2 Supply cars.
Work has continued in improving equipment to ensure the
comfort and safety of passengers, to comply with the law
and to secure economy in operation.
Total amount expended for equipment received under con
tracts, built and under construction at Company’s shops, and
for improvements and betterments to equipment in service,
was $2,318,945 22, of which $905 50 was for the Vancouver
Victoria & Eastern Ry. & Nav. Co.
There were taken out of service:
1 Steam locomotive (sold),
207 Flat and coal cars (51 sold),
1 Dining car,
6 Sand cars,
1 Coach,
21 Ore cars, wood,
1 Tourist car,
30 Ballast cars,
5 Baggage, mail and express cars, 16 Caboose cars (1 sold),
280 Box cars (1 sold),
3 Cinder cars,
3 Refrigerator cars,
3 Boarding cars,
13 Stock Cars,
1 Tool car.
Original cost of this equipment, $369,977 80, has been
credited to “ Equipment Account.”
That amount, less
amounts received for equipment sold and salvage from equip
ment destroyed, has been charged against various equipment
“ Renewals” accounts under Operating Expenses or to
“ Equipment Depreciation Fund.”
Amount remaining to
credit of this “ Fund,” June 30 1912, as shown by balance
sheet, $21,557,736 60, represents full depreciation to that
date on all equipment then in service, list of which appears
on a subsequent page.
The following conversions were made:
1 Small Steam Locomotive transferred to Work Equipment for hy
draulic service,
3 Locomotive tenders transferred to Work Equipment and used as
tanks for Weed Burners,
1 Parlor car into Business car,
28 Box cars and 2 Flat cars Into Tool cars,
1 Derrick car into Ditching machine, and
1 Flat car transferred to Minneapolis Western Ry. Co.
This resulted in a net credit of $28,584 56 to “ Equipment
Account,” and a debit of $100 00 to Equipment Adcount of
Minneapolis Western R y. Co.
Statement giving number, tractive power, weight, &c., of
steam locomotives and number, capacity, &c., of freight
cars appears on a later page.
A D D IT IO N S A N D B E T T E R M E N T S .
Change of line at Berne, W ash ., 2.10 miles, was completed,
maximum curvature reduced from 10 deg. to 3 deg., 319 deg.
of curvature eliminated and two 4 0 -fcet concrete arch cul
verts built. Small change of line near Tye, Wash., was com
pleted. Changes of line are in progress between White
Earth and Tioga, N. D ., 8.6 miles; between Pack River and
Colburn, Ida., 2.8 miles; between Sand Point and Albany
Falls, Ida., 9.7 miles, and between Metum and Interbay,
W ash., including a double-track steel bridge over Salmon
Bay waterway.
Grade line is being raised between Woodruff and Lowell
and near Blanchard, Wash., to protect against high water.
Embankments were widened or restored to original width
and grade line on 492 miles of road; 692 miles of track were
ballasted with gravel, of which 18 miles was on>change of
line between Armington and Gerber, M ont., 16 miles on
track not previously ballasted, 125 miles on track where
ballast was restored and an additional lift given, and 533
miles on track where ballast was restored.
To replace wooden or iron bridges and trestles with perma
nent structures, 1,219 lineal feet of bridging were filled with
solid embankments and 303 lineal feet of steel bridges
erected. To provide waterways at bridges filled, 3 concrete
Oct. 19 1912.]
THE CHRONICLE
and 10 iron or concrete pipe culverts were put in. 266 pipe
culverts replaced timber or other culverts.
217 lineal feet of steel bridges were erected for double track,
554 feet in extending existing steel bridges and a 54-fect
steel span replaced a lighter iron bridge.
Work of filling bed of False Creek at Vancouver, B . C.,
for the terminal progresses. Grade of line entering Vancou
ver is being lowered and a second track built from Sapperton,
B . C ., into Vancouver, about 7 miles.
Concrete has replaced timber lining of 678 lineal feet of
tunnel No. 9 on Butte division and 416 feet of tunnels Nos.
20 and 21 on Coast line. Similar improvement of tunnels
on Butte and Spokane divisions and Coast line is in progress.
In Cascade Mountains, double-track concrete snowshed,
980 feet long, was completed; also double-track shed 490 feet
long of timber and concrete, and single-track timber shed 48
feet long. In Rocky Mountains, 5 concrete snowsheds, ag
gregating about 1,450 lineal feet, are under construction.
A reinforced concrete highway bridge, 1,100 feet long, has
been built over the tracks of passenger station at Seattle,
W ash.; a steel highway bridge, 177 feet long, has replaced
lighter iron structure, over passenger line at University Avc.
S. E ., Minneapolis, Minn., and a highway bridge, 129 feet
long, has replaced temporary wooden structure at Park
Drive, Vancouver, B. C.
.
Approximate yardage of material moved during the year
in work above mentioned is:
In Changes of lines and reductions of grades (of which
f>8,000 cu. yds. were used In filling the tide lands at
Vancouver, B. C .)---------------------------------------------------- 1,228,002 cu . yds.
“ "
W idening, raising and restoring banks---------------------- 248,859
“ “
Ballasting (g r a v e l)------------------------------------------------------. 339,547
Filling bridges-------------------------------------------------- ----------53,988
“ “
Filling tide lands at Seattle, W ash------------- ------------ _
91,885
“ "
Total
1,957,881 cu. yds
And there were placed upon old lines:
Concrete -------------------------------------------------------------------------R ip r a p ................................................................................... ........
Total
25,740 cu. yds.
20,597 “
“
40,337 cu. yds.
Main tracks were rclaid with heavier metal, as follows:
203,91 miles with 90-pound rail, 6.46 miles with 80-pound
rail, 8.32 miles with 77J^-pound rail and 8.57 miles with
75-pound rail. A table, giving mileage of each weight of
rail in first main track owned by Great Northern Railway
Company and its Controlled Companies on June 30 of each
year for 13 years appears on a later page.
Not including fences on new lines, 152.01 miles of rightof-way fence were built, of which 25 miles are on lines in
Canada.
Interlockers were installed as follows: A 16-lever plant at
Granite Falls, Minn.; 8-lever plant at Interbay, W ash.;
15-lcvcr plant at Ardley, B. C., and a 6-lever plant at draw
bridge, Vancouver, B. C. An addition was made to the
jilant at Moorhead, Minn., and new plant built at Grand
Forks, N. D ., replacing one destroyed by fire. Automatic
signals have been placed at Cedar Lake Yard, Minneapolis,
Minn.; electric bells at the Seattle, W ash., tunnel, and street
crossing alarm bells at 4 stations.
Enlargement of Cedar Lake (Minneapolis) classification
yards was completed. Additional yard and industrial
tracks were laid at 12 mines on the Mesabi Iron Range, in
Northern Minnesota, and at 103 regular stations. Net in
crease in mileage of sidings, spurs and other tracks, not in
cluding tracks on new lines constructed, under construction
or taken over, is:
1051
completed. New boilers of larger capacity were supplied
at three shops; those at Delta, W ash., were fitted to use
oil as fuel; electric motors were installed in shops at Superior,
W is., and an air compressor at Kelly Lake, Minn. Storage
bins 15 by 65 feet were built at Dale Street, St. Paul, and
scrap bins 38 by 260 feet, in place of old ones, at Superior,
Wis.
Station buildings were erected as follows: Brick express
building 40 by 120 feet at Spokane, W ash.; extension 17 by
30 feet, for express, to the depot at Vancouver, B . C.; frame
depots at Keewatin and Warren, Minn., Bainville and Belt,
Mont., and in place of depots burned at Bellingham, Minn.,
and Mission Hill, S. D .; passenger shelter shed at Baring,
W ash.; extensions to depots at Hibbing, Cohasset, Brookston, Cottonwood and McIntosh, Minn., and Antelope, Mont.;
detention building 24 by 24 feet at West Gretna, Man. Im
provements, such as water supply, sewer connections, toilet
rooms, heating, electric lights, cement and other side and
cross walks and brick pavement, were made to buildings
arid grounds at 28 stations. There were placed at other sta
tions 9 portable depots, 1 shelter shed and platform, 1 frame
pavilion, 14 freight or passenger platforms, 3 machinery
platforms, 9 mail cranes, 1 house for telegraph operator and
one portable display building. Platforms at 2 additional
stations were extended. Additions to or improvements of
stock yard facilities, by way of new or additional pens and
chutes, water supply, scales, &c., were made at 23 stations.
New 50-feet 100-tons capacity track scale was placed at
Delta, W ash., the 50-feet 80-tons capacity scale removed
being placed at Bellingham, W ash. Following ice houses
were built: 32 by 192 feet at Superior, W is.; Minot, N . D .,
Great Falls and Whitefish, M ont., and Hillyard, Wash.;
32 by 128 feet at Leavenworth, W ash ., and extension of
that size to ice house at Havre, Mont.; 32 by 64 feet at Casselton, N . D ., and Orovillc, W ash., and extensions of that
size to ice houses at Willmar, Minn., and Grand Forks, N. D .,
and 24 by 24 feet at Garretson, S. D.
There is under construction a reinforced concrete dock 300
feet wide by 450 feet long, on which will be built two frame
warehouses, each 100 by 400 feet, at Burrard Inlet, Vancou
ver, B. C.; a 140-feet extension was made to the dock at
Somers, Mont., on Flathead Lake, and a gridiron for small
boats, with necessary tracks, was added to the docks at
Smith’s Cove, Seattle, Wash.
Two 500 h. p. boilers were installed in power house of
Superior, W is., elevators, at net cost of $13,533 89, replacing
four 150 h. p. boilers; excess cost of the new over the original
boilers, $5,083 03, was charged to “ Cost of Elevators.”
Other miscellaneous improvements include a 40-feet exten
sion to division office building at Delta, W ash.; building
powder house at Fielding, Mont., and equipping bridge No. 4
at Seattle, W ash., with engine and machinery to operate
draw span.
To take care of tourist travel to Glacier National Park,
Mont., the Company is building a hotel 110 by 206 feet, con
taining 70 guest rooms, at Glacier Park Station, and camp
buildings at 7 points in the park; also wagon roads and tele
phone lines. A t Belton, Mont., the western entrance to
the park, a dormitory 32 by 53 feet and two cottages each
26 by 27 feet were completed.
Following is a classified statement of amounts actually ex
pended for Additions and Betterments:
Accounts.
| Additions.
Quincy, Wash. Emergency plant was installed at Brookston, Minn., and improvements, such as stand pipes, pipe
lines, additional wells, raising dams, building larger tanks,
pump houses, &c., at 14 stations. Ten water treating plants
are being built at the Dakota and Minot divisions.
Additional shop buildings at Dale Street and Jackson
:Strcet, St. Paul, H illjard, W ash., and Delta, W ash., were
Totals
Total.
Betterments.
R ight of W ay and Station
Lines owned by Great Northern R y . C o------------------------ ---------- 31.41 miles
G ro u n d s_____________ _____ _
$267,355 11
Lines owned by Controlled Canadian Companies......... . ........ .. _ _ 1.45 miles Tlpal FlAtAtP
7,663 20
W idening Cuts and Fills_______
$70,934
Total additional side-track mileage on old lin e s,,
....... ........ 32.80 miles
Protection of Banks and Drain
age —
Cr. 44,044
Reductions and Changes
Many passing tracks on Montana, Kalispell and Cascade Grade
of Line_______________________
294,678
divisions are being lengthened to provide for handling 2,500- Tunnel Im provem ents________
37,135
Bridges,
Trestles
and
C
u
lverts..
30,405
ton trains.
133,424
Increased W eight of Rail _ .
New terminal for freight trains is being built at Gold Bar, Im proved Frogs and S w itch e s..
6,146
W ash., consisting of a 7-stall frame engine house, machine Track Fastenings and Appurte
nances ______________________
124,049
shop and power house, a 30 by 73-feet store-house, concrete B a lla s t ____________ ___________
34,182
79,453 94
oil house 20 by 26 feet, fuel oil storage for locomotive use, Additional Main T racks_______
and Spur Tracks_______
345,935 39
sand house, water supply, frame depot 30 by 96 feet, and Sidings
Terminal Y ards-----------------------205,108 00
necessary yard tracks.
Fencing Right of W a y _________
26,300 89
954
provem ent of Under or Over
Engine house facilities were improved at several terminals, ImGrade
Crossings--------------------14,182
and work of extending stalls, replacing 80-feet with 92-feet Elimination of Grade Crossings.
32,717
154
13,058 11 Cr
steel turntables, &c., is in progress. Construction of fa Interlocking A p p a ra tu s----------Block and Other Signal A ppa
cilities to permit use of oil as locomotive fuel, described in
734
12,134 31 Cr
ratus ------------------------------------41,733
last year's report, was completed, and oil only is used as Telegraph and Telephone Lines. Cr. 4,060 07
3,775 49
35,669
Buildings and F lxturcs.
locomotive fuel west of Leavenworth, W ash., and to a lim Station
141 29
R oadw ay Machinery and T o o ls.
ited extent between Wilson Creek and Leavenworth. A Shops, Engine Houses and Turn
91,716 85
180,926
tables _______________________
200-ton mechanical coaling station was built at Chester, Shop
64,892 39
3,772
Machinery and T ools-------Mont., replacing old-style chute destroyed by fire, and coal W ater and Fuel Stations---------71,001 28
59,883
Grain Elevators and Storage
ing platform with derrick at Bainville, Mont.
W areh ou ses_________________ Cr.
450 00
Enlargement of water-supply reservoirs at Cassclton, Dock and W harf P roperty-------4,833
282 95
570 33
N . D ., and Virdcn, Mont., was completed. Additional Electric Light and Power Plants Cr.
Electric Power T ra n sm ission ...
Cr.24
4,883 44
water-supply stations were erected at Nashwauk and Dum- Snow and Sand Fences and
Snow Sheds-------------------------139,392
blano, Minn., with auxiliary plant at latter point; at Boru,
Additions and B ctterB. & M. Siding and Great Northern Junction, Mont., and at Other
9,398
ments
111,640 35
12
$207,355 11
7,663 20
70,934 12
04 Cr. 44,044 04
62
52
97
92
75
294,678
37,135
30,405
133,424
6,146
62
52
97
92
75
94
85
124,049
34.182
79,453
345,935
205,108
27,255
84
85
94
39
06
18
29
14
62
77
14.182 14
32,717 62
12,903 34
30
53
28
11,400
37,673
39,444
141
48
20
51
35
59
01
46
77
29
272,643 33
68,664 59
130,884 79
Cr.
Cr.
450
5,116
570
4,858
00
30
33
85
31
139,392 31
71
121,039 06
$1,300,262 65 $1 209,464 31 $2,509,726 96
Of total amounts shown, Additions costing $159,666 11,
and Betterments costing $20,505 66, were made to proper
ties of Controlled Canadian Companies and are included in
amounts shown on page 8, as advanced to such companies.
THE CHRONICLE
1052
Additions costing $677 35 and Betterments costing $10,887 0-1
were made to property of Kootenai Valley R y. Co. and the
total, $11,564 39, is shown on page 8, as advanced to that
company, leaving as expended on properties owned by
Great Northern Railway Company:
A dditions .......................................................................
B e tte rm e n ts ______________ __________________________________
1912.
P er M ile of Road Operated—
$8,945 32
Revenue from T ransportation_________________
37 96
R evenue from Operations Other than Transportationi
1911.
$8,416 90
39 02
$8,983 28
5,110 94
$8,455 92
5,190 31
$3,872 34
15.72
$3,265 61
28 35
$3,888 06
473 37
$3,293 96
455 55
$3,414 69
$2,838 41
. 7,360.00
7,244.35
$1,139,919
19
N et R evenue
from Outside Operations.
1,178,071 01
T ota l........................................................................................................... $2,317,990 80
The Company’s roadbed, tracks and equipment not only
were fully maintained during the year, but greatly improved,
and are in condition to handle expeditiously and economi
cally the large volume of traffic which it now seems probable
will be offered during the coming year.
Respectfully submitted,
C. R . G R A Y , P r e s i d e n t .
INCOME ACCOUNT— FISCAL, Y E A R E N D E D JU N E 30 1912.
Lines Operated as Great Northern Railway Company and Those Inde
pendently Operated: Minneapolis Western Railway Com
pany and Duluth Terminal Railway Company.
Operating Income—
Rail Operations:
Operating R evenues________________________$66,197,818 99
Operating E xpenses___________
37,662,547 73
Net Operating R evenue------------------------------------------------- $28,535,271 26
Outside Operations (Net Revenues from ):
Sleeping and Parlor Cars----------------------------$215,836 24
Dining and B uffet Cars, Loss______________
96,886 95
Eating Houses, Restaurants, e tc__________
4,998 33
Glacier Park Camps, Loss_________________
6,906 71
1,181 64
Minneapolis Grain Elevator, L oss_________
115,859 27
Net R evenue from Outside Operations-
Total Net R evenu e_____________________________________ ’ ^ 2 22
T a x e s A c c r u e d _____ _________________________ ___________________ _______ —
3 , 4 8 8 , 2 3 8 *.3
Operating In com e______________________________________ $25,162,892 30
Other Incom e:
- an1
Rents R eceiv ed ____________________
*®2G” “ 7 87
Hire o f E quipm ent— Balance--------------------3o7,.>29 97
•
Dividends on Stocks ow n ed------------------------83,438 !?:?
Interest oil Bonds O w n ed-------------------------l,2o0,771 33
General Interest___________________________ 1,214,826 54
•
Miscellaneous In com e---------------------------------410 62
T otal Other In com e____________________________________
3,707,605 28
Gross Corporate I n c o m e ____________________________________ $28,870,497 58
Deductions from Gross Corporate Income—
Rentals P aid________________________________
$754,453 09
Bond Interest A ccru ed _______________________ 6,461,789 69
Total Deductions from Gross Corporate I n c o m e ........... .
7,216,242 78
Net Corporate Incom e______________________________________ $21,654,254 80
Against which have been charged—
Dividends on Great Northern R y. Stock:
A ug. 1 1911, 1 '4 % on $209,981,000________$3,674,667 50
N ov. 1 1911,
on $ 209,981.000........... 3,674,667 50
Feb. 1 1912, \V\% on 209,989,800_______ 3,674,821 50
May 1 1912, 1*A% on 209,990,000_______ 3,674,825 00
Total Dividends on S tock....... ................. .$14,698,981 50
/ pproprlatlon to Cover Depreciation of
750,000 00
Steamship P ro p e rty .--------------------------------A ppropriated to “ Fund for Permanent Im
provem ents and Betterm ents’’ - . ......... ........ 3,502,000 00
T ota l..................................................................................................
18,950,981 50
Balance, transferred to Profit and Loss............................... -
$2,703,273 30
N ote.— As in form er years, the Com pany's proportion of Interest Accrued
o n Northern Pacific-Great Northern Joint C. B. & Q. Collateral Bonds
and of the Dividends received on ttic C. B . & Q. Stock deposited to secure
said Bonds have been om itted in the above Incom e A ccoun t to make it
m ore clear, those items counterbalancing.
REVENUE
ACCOUNT— R E V E N U E S,
O P E R A T IN G
EXPEN SES,
ETC., FO R T H E FISCAL Y E A R END ED JU NE 30 1912 Oh THE
LIN ES O P E R A T E D AS G R E A T N O R T H E R N R A IL W A Y COM
P A N Y AND THOSE IN D E P E N D E N T L Y O P E R A T E D : M IN N E
A PO LIS W E S TE R N R A IL W A Y COM PANY AN D D U LU T H T E R
M IN A L R A IL W A Y C OM PAN Y.
Revenues.
Year ended June 30 1912. Year ended June SO 1911.
- •
p er cent
Per
Cent
Revenue from
of Total.
of Total.
Am ount.
Amount.
Transportation—
Freight
72.3247 $47,877,369 06 $43,379,174 12 70.8143
~
20.5792
13,623,008 91
13,422,057 12 21.9108
Passenger
.2680
164,181 04
160,638 08
Excess Baggage_______
.2427
.1156
70,799 09
79,025 75
Parlor and Chair Car___
.1194
3.2437
1,987,036 77
2,055,820 00
3.1056
M a il_______________
2.4107
1,476,736 85
E x p re s s _________________
2.3731 1,570,972 23
Other Passenger Train
.0041
2,479 23
■
5,621 84
.0085
R evenue ____________
.6598
404,156 75
• 456,300 99
S w itc h in g --------------------.6893
.0365
22,381 72
• 30,790 46
.0465
Special Service Train___
Miscellaneous Transpor
45,963 67
.0750
58,559 69
.0885
tation R evenue______
•Transportation _____ 99.5775 $65,918,107 01 $60,974,966 36
•Revenue from Operations o t h e r .................
• than Transportation—
.................
Station and Train Privi
$26,682
.0403
leges ________________
14,068
.0222
Parcel R oom R e ce ip ts ..
Storage— Freight and
. 42,188
B aggage.........................
.0637
101,423
Car S ervice____________
.1532
■ 19,903
Telegraph S ervice______
.0301
R ents of Buildings and
11,452
.0173
Other P rop erty______
03,392
.0957
M iscellaneou s__________
T o t a l .........................
99.5385
$26,119 74
10,214 50
.0426
.0265
75
59
28
39,203 92
97,906 54
16,880 10
.0640
.1598
.0270
70
93
24,227 16
62,108 01
.0396
.1014
$279,711 98
.4225 ............................
$282,060 57
.4615
63
10
.
Gross Operating Revs.-lOO.OOOO $66,197,818 99 $61,257,632 93 100.0000
Operating Expenses.
•
Year ended
Per Cent
Class— 1
of Total.
Maintenance of W ay and
S tru ctu res___________ 24.4813
Maintenance of E qu lp’ t . 20.8554
T raffic Expenses_______
2.8934
Transportation Expenses 48.3239
General E xpenses______
3.4460
June 30 1912.
Am ount.
$9,220.285
7,854,687
1,089,710
18,200,010
1,297,853
87
04
48
64
70
Year ended June 30 1911.
Per Cent
Am ount.
o f Total.
$9,654,776
7,681,269
1,006,429
18,052,818
1,205,098
03
71
06
20
79
25.6773
20.4287
2.6767
48.0123
3.2050
Total Operating E x p ’slOO.0000 $37,662,547 73 $37,600,301 79 100.0000
Operating Expenses, per cent of:
.
T otal Revenue from Transportation--------------Gross Operating R evenu e____________________
Operating Expenses and Taxes, per cent of:
Gross Operating Revenue plus N et'R even u e fromL
Outside Operations________________________
C O N SO LID A TED G E N E R A L B ALA N CE S H E E T
AS SETS.
Cost of Property.
Property owned b y Great Northern R y. Co.:
Cost of R oad __________________________ $277,187,113
Cost of Equipm ent
---------------------------- 61,196,892
Cost o f E le v a to rs..........................................
2,159,124
T o ta l-------------------------- - — ----------- - —
Property of the Minneapolis Western R y.
C o., the entire Capital Stock o f which
is owned b y the Great Northern R y. C o.:
Cost of R oad ----------------------------------------Cost of E qu ipm ent.......................................
T o ta l--------------- ---------------------------- -------Investm ents in Other Railways, whose
lines form a part o f the Great Northern
System , represented b y their Capital
Stock and amounts advanced for con
struction purposes:
Duluth Terminal R y. C o........................ ..
Midland R y. Co. o f M an itob a.................
Manitoba Great Northern R y . C o-----------Brandon Saskatchewan & Hudson's Bay
R y . C o------------- -------------- -------------------Crow’s Nest Southern R y . C o___________
Kootenai Valley R y. Co — ........................
Bedlington & Nelson R y . C o------------------Nelson & Fort Sheppard R y. C o . . ......... ..
Red Mountain R y. C o---------------------------Vancouver Victoria & Eastern R y . &
N avigation C o . . ....... ................................
Everett & Cherry Valley Traction Co-----New W estminster Southern R y. C o-------Investm ents In Union Depot and Terminal
Companies, represented by Cost of their
Stocks, Bonds and Advances for Con
struction Purposes:
St. Paul Union D epot C o-----------------------Minnesota Transfer R y. C o --------------------Lake Superior Terminal & Transfer R y .
C o ------------------------------ -------------------------
57.14
50.89
61.67
61.38
02.05
60.54
JU NE 30 1912.
51
86
17
.$340,543,130 54
$739,850 10
12,417 38
752,267 48
$400,000 00
1,601,851 43
2,042,008 54
2,150,000
4,180,069
666,564
280,000
2,089,019
310,019
00
89
39
00
51
07
19,130,000 00
1,050,600 00
279,599 90
3 4 ,180,932 73
$103,600 00
190,405 19
153,400 00
447,465 19
T otal-
Total Railway P rop erty------------------------------------------ $375,929,795 94
Securities Owned.
Bonds, the paym ent of which is assumed by Great Northern
14,100,000 00
R y . Co., held by Mortgage Trustees: See co n tra ------------Cost of Securities in hands of trustee of N. P .-G . N .,
C. B. & Q. Collateral Joint Bonds (1,076,135 Shares of
C. B. & Q. R R . Capital Stock— Great Northern R y . Co.
one-half ow n er)__________________________________________ 109,114,809 76
Other Securities Owned:
Stocks, not including Stocks of the Rail
way and Union D epot Companies above
listed_______________________ _____ . $33,427,465 90
Bonds, not including Bonds of the Rail
way and Union Depot Companies above
listed:
..
Issued or Assumed by the Great N orthi 6 ,823,000 00
cm R y. C o_________________________
Issued by Other Companies....................
22,675,601 00
T otal........................................................................................
Other investments.
Miscellaneous Investments and Advances to Other than
Railway and Union Depot Companies above nam ed--------
72,026,006 90
4,161,449 98
T otal.................. ............................................... - .................$5 7 0 ,2 38 ,12 2 58
Current Assets.
C a s h ______________________________________ $12,829,424 79
Central Trust Co. of New York, Special De
posit to pay matured but unpresented St.
P. M. & M. R y. Co. Dakota Extension
4,000 00
Mortgage Bonds............................................
0,995,400 65
B ills R eceivable...................... ................... —
Due from A gen ts------- -------------------------------3 >509,806 84
188,653 96
Due from U. S. Post Office Department —
52,176 19
Due from U. S. Transportation------------------4,153 56
Due from Canadian Post Office Departm ent
63,710
98
A dvanced
ICCU Charges.--------- ----------- --------------- rv•
>r/ o « n ua
5 ,0 .5 ,3 8 0 80
Other Accounts R eceivable— ......................
Total
......... .......... ........ .............................................
Value of Material and Fuel on Hand
r
r
Excess of W orking Assets and Deferred Debit Items ovei
Working Liabilities and Deferred Credit Item s--------------T otal .
.................
.................
[VOL. L XXXXV
28,672,827 77
5, 443, 355 48
478,426 12
.$610,832,731 95
L IA B IL IT IE S .
Capital Slock.
Authorized Capital Stock of Great North
ern R y . Co. issuable June 30 1912----------$210,000,000 00
Less— Held in Treasury unissued as ex
plained on page 5----------------- ---------— ____ __
Issued and Outstanding.........................................................$209,990,750 00
Funded Debt.
Bonds Issued or Assumed b y Great North
ern R y . CO.:
. _
n,,l,lln
Outstanding in the hands of the I ubltc
as per statement on page 55 - - - - - - - - - - $ i »J ,7o7,90 J 09
H eld in Treasury of the Great Northern
R y . Co. as explained on a previous page
and shown con tra ----------- ---------L ?’Inn’non no
Held by Mortgage Trustees, shown co n tia 14,100,000 00
T otal Outstanding------------------- ------------------------ ............. 174,086,909 00
N. P .-G . N ., C. B . & Q. Collateral 4 per
cent Joint B o n d s ..-------------J ,“ - '. 0 0 0 00
Less— Northern Pacific R y . Co. s propor
tion, one-half......... ..................................... 107,613,500 00
107,013,500 00
Total Capitalization.
.$492,291,150 00
Brought forw ard-------------
---------------------------------- -------- $492,291,159 09
Current Liabilities.
Hills .and Accounts Payable-----------------------li
A udited Vouchers Unpaid-------------------------j-’Zoo’ l l ? is
Unpaid Pay Polls . - --------- --------— - - - - ;
2,762,444 08
Unpaid Coupons, Including those due July 1
1912
2,768,642 0«5
Matured Bonds' and Debentures U npaid. . .
Other Accounts Payable----------------------------
5,224 00
910,790 98
Total
.................. ..................... ..............................
Accrued Liabilities Not Yet Due.
Accrued Taxes not d u e ---------------------------$ 1>*521,075 99
Bond Interest Accrued not d u e .............- - 146,004 10
Total
Deterred Liabilities.
Balances due Affiliated Companies---------------------------Unexpended Balances in Sundry F u n d s .
Fund for Permanent Im provem ents and
B etterm en ts___________________ - - _____ - $7,039,796 28
Amounts set aside to cover Depreciation of
Equipm ent now In service-------------------21,557,736 60
Insurance Funds----------------------------------------852,789 12
T otal______________
Balance.
Cost of Additions and Im provem ents made
to property of the Great Northern R y.
Co. and paid for from "F und for Perm a
nent Im provem ents and Betterments” -.. 527,510,279 83
St. I>. M. & M. R y. Consolidated Mortgage
Bonds retired since N ov. 1 1907, through
operation of the Sinking F un d--------------533,000 00
Profit and Loss______________ _______ ____ 40,953,271 82
T o ta l________________________________ - ________________
14,759,217 92
1,667,080 15
3,668,401 14
29,450,322 00
68,996,551 65
T o t a l - . - ......................................................................- .......... -$610,832,731 95
RESOU RCES A N D DISBU R SE M E N TS Y E A R E N D E D JU N E 30 1912.
RESO URCES.
Cash on hand and in banks June 30 1911------------------------------$21,460,917 50
liCCBtptS---
Net Corporate Incom e-------------21,654,254 80
Securities Issued—
__ „ „
Capital S tock----------------------8 ,8 /o 00
Investment in Union Depot and Terminal Companies, Decreased—
Advances to Lake Superior Terminal &
Transfer R y . Co. repaid--------- ---------------$2,733 32
Less, Bond of Minnesota Transfer R y . Co.
acquired and advances made to that
1,150 14—
1,583 18
c o m p a n y _________________________ ______
Reduction in Amount o[B onds Held in Company's Treasury—
Bonds redeem ed- _____________________ —
$102,000 00
Less, Bonds purchased or received from
Lake Superior C o., L td -------------------------37,001 00—
64,999 00
Reduction in Book Value of Sundry Stocks Owned—
Reduction In Values charged to Profit and
Loss .......--■_____________________ ________ $2,650,000 00
Cost o f stocks realized upon during year.
Including those received upon liquidation
of Kootenay R y. & N av. Co., Ltd ., and
which arc Included as portion of Increase
In “ Investm ent In Controlled Companies" 1,125,443 14
$3,775,443 14
Less, Value of stocks received
from Lake Superior Co.,
L t d _______________________$3,024,034 44
Securities acquired_______
537,979 90— 3,862,014 34
Net Decrease, not including amount appropriated from
Incom e to apply on depreciation of steamship property _
Reduction in Amount of Miscellaneous Investments and A d
vances—
Net Decrease_______________
$2,120,279 47
Of w h ic h _________________________________
1,267,590 28
Is the amount invested June 30 1911 In
the Midland R y . Co. of Manitoba. (See
deduction under “ Investm ent In Con
trolled Com panies.")
Net Decrease In Other Miscellaneous Investm ents
and A d v a n ce s _____________ ___________ ____________
Current Liabilities Increased—•
Unpaid Vouchers_________________________ $1,153,289 91
Unpaid Pay R olls______________ _________ 209,655 77
Unpaid Coupons....... ...........
728,925 24
Less. Decrease, in Amounts:
Unpaid Dividends, G. N.
R y. S t o c k ___________
Other Accounts Payable
$2,091,870 92
$5,859 00
172,589 71—
178,448 71
Net A m o u n t .............................. ........................... ...........
Value of Material, Fuel, &c., on band, Decreased--------------Sundry Reserve Funds Increased—
Fund for Permanent Im provem ents and
Betterments (not Including amount trans
ferred to Fund from Incom e or E xpend!tures charged against Fund during y ea r).
S 17,24a 89
Equipm ent Depreciation Funds....... ............. 1 .9/l,980i> 0
Insurance Funds__________________________
173,846
Profit and Loss— . . .
,
,
Value o f Securities and Credits received
from Lake Superior Co., L t d --------- — $5,191,209 07
Net credit from sundry adjustments during
y e a r .........................
671,275 20
213,428 80
Net Increase, not Including balance transferred from
Incom e A ccou n t___________________________________
Investm ent during year, as per page 8 . $2,052,237 923
Stock o f E verett & Cherry Valley Traction
1,056,600 00S
Co. acquired during year, as per page 8 . .
Stoeks o f th e—
655.000 00
Kootenai Valley R y. C o________________
280.000 00
Bedlington & Nelson R y. C o___________
received on the liquidation o f the
K ootenay R y . & N av. C o., L td ., the
Securities o f which com pany were car
ried June 30 1911 in "Stocks, not
including Stocks o f the Railway and
Union Depot Companies above listed.”
A dvanced to Kootenai Valley R y . C o., as
11,564 39 1
per page 8 _______________________ _____ _
Duluth Terminal R y . Co. A dvances re
turned— C re d it_________________________
1,018 72
Net In cr e a s e ________________________________________
Funded Debt Paid—
Minneapolis W estern R y . C o .’s First Mortgage 5 per cent
Bonds paid at m aturity July 1 1 9 1 1 __________________
Current Assets Increased—
Bills R eceivable___________
$3,258,389 60
Due from A gents___________________________
631,393 55
Due from U. S. Post Office D ep a rtm en t-5,384 18
Due from Canadian Post O ffice Departm ent
593 19
Advanced C h a rges-------------------------------------2,831 47
1,375,217 72
Other A ccounts R eceivable-----------Less, Decrease in amount:
Due from U. S. T ransportation.
4,054,383 59
500,000 00
$5,273,809 71
38,290 53
Net Increase--------------------------------------------------------------Accrued Liabilities, not Due, Decreased—
$22,033 49
A ccrued Taxes not d u e___________________
Bond Interest Accrued not d u e___________
248,004 17
5,235,519 18
•
270,037 66
Deferred Liabilities Decreased—
Balances Due Affiliated Companies_______ ■ $69,975 60
Excess o f Other W orking Liabilities and
Deferred Credit Items over Other W ork
ing Assets and Deferred Debit Item s—
2,168,222 26
Excess of Other W orking Assets and De
ferred Debit Items over Other W orking
Liabilities and Deferred Credit Items,
Increased __________________ _________ •r 478,426 12— 2,716,623 98
Dividends P a id ________ _________ ___ _____ __________________ 14,698,981 50
Cash on hand and In banks June 30 1912....... ................. ........... 12,829,424 79
T o t a l . . . ......... ..........................................................................$51,941,885 69
SIN K IN G FU N D ST. PA U L M IN N E A PO LIS & M A N IT O B A R A IL W A Y
C O M PA N Y ’S C O N SO LID A TED M O R TG AG E BON DS, FISCAL
Y E A R EN D ED JU N E 30 1912.
Credits—
B y Balance to credit of Sinking Fund, as per page 44 o f last
year’s rep ort....................................- ............... - ............. - .............. — $1,250 81
From Land Departm ent, as per Land Comm issioner’s report,
page 6 4 ....... ............................................................................................. 77,571 03
Revenue T odd County Lands..................................................... .............
240 00
$79,061 84
Debits—
Bonds purchased by the Trustee and canceled, $74,000 00,
costing
--------------------- ---------------- -------------------------------------------- 74,442 20
Balance, applicable for redem ption of b o n d s ................... .......... $4,619 64
3,212,484 27
T o t a l - . . ................................................................................. .$51,941,885 69
DISH U R SEM EN TS.
Expended for Railway Property—
B y the (Ircat Northern Railway Co.:
Cost of Construction................ ................ .. $7,394,263 80
Cost of Additions and Betterments, as
per a later page......................................
2,317,990 80
Increase in Cost of R o a d ------------------------------- . $9,712,254 60
Cost of equipment, as per a later p a g e .. $2,318,039 72
Less, Cost of Equipment
Out of Service ............. $369,977 80
And adjustments In ac
counts caused by trans
fers
between
classes,
_ „
per a later p i g e ________
^8,o8l j G— 308,562 36
Increase in Cost of E quipm ent.....................................
Cost of Elevators, as per a later page------------------------
Brought forw ard__________________________________________ $11,636,914 99
Investment in Controlled Companies whose Lines Form a Part
of the Railway System, Increased—
Controlled Canadian Companies___________ $3,319,828 20
Less, Investm ent June 30 1911 in Midland •
R y . Co. o f M anitoba, transferred from
“ Miscellaneous Investm ents and A d •
v a n c e s __________________________________
1,267,590 28 (
STATE M E N T OF BONDS A N D STOCK O U T S T A N D IN G IN T H E
H A N D S OF T H E PU BLIC FOR W H ICH T H E G R E A T N O R
T H E R N R A IL W A Y COM PAN Y IS R E S P O N S IB L E ,
D IR E C T L Y OR U N D E R G U A R A N T Y .
In Hands of
BONDS.
In Hands of Annual Charges
Public
Assumed by Great NorthPublic
Paid
July 1 1911.
ern Railway Co.— Due. July 1 1912.
1911-1912.
S t .P .M . & M . R y . Co.—
■
852,689 19
Consolidated M tgc.:
$800,640 00
$13,344,000 00
G % - - ................. 1933 $13,344,000 00
21.220.000 00
4 ’A % ___________ 1933 21,220,000 00
954,900 00
8.643.000 00
4 % ..........
..1933
8,569,000 00
343,540 00
10.185.000 00 Montana E xt., 4 % 1937 10,185,000 00
407,400 00
29,090,909 09 Pacific E xt., 4 % .1940 29,090,909 09
1,163,636 36
Eastern R y.C o.ofM in n.—
9.695.000 00
Northern Division,
First Mtge., 4% .1948
9,695,000 00
387,800 00
M ontana Central R y . Co.—
6.000. 000 00 First Mtge., 6 % -.1 9 3 7
6,000,000 00
360,000 00
4.000. 000 00 First Mtge., 5 % -.1937
4,000.000 00
200,000 00
1,913,422 21
W ill. A SlouxF . R y .C o .—
396,158 44
3.625.000 00
First Mtge., 5% ..1938
3,625,000 00
181,250 00
Minn. Union R y . Co.—
2.150.000 00
First Mtge., 6 % -.1922
2,150,000 00
129,000 00
650.000 00
First M tge., 5 % -.1 9 2 2
650,000 00
32,500 00
Spokane Falls & N or•
them R y . Co.—
•
229.000 00
First Mtge., 6 % -.1939
229,000 00
13,740 00
91 2,163,073 30
'
$5,862,484 27
Less, Applied In reduction of book value
o f securities ow ned___________________
2,650,000 00
1,919,477 36
5,083 03
Total Expenditures for Railway Property Owned
by Great Northern R y . C o. ------------------------------$11,636,814 99
By the Minneanolts Western Tl’i. C r>:
Cost of Equipm ent, as per a later page------------------------100 00
1053
THE CHRONICLE
Oct. 19 1912]
$108,831,909 09 T otal A m t. of Bds. As
sumed b y G t.N .Ry.C o_$108,757,909 09 • $4,974,406 36
P rin . and Int. Guar, by
Great Northern R y. Co.—
M inncap. W est. R y .C o .—
500.000 00
First M tge., 5 % -.1 9 1 1 ..........................................................
Issued by Great North
ern R y. C o.—
35,000,000 00
First & R ef. Gold
B ds., Series “ A ,”
4 H % ............... 1961
35,000,000 00
1,487,383 33
$144,331,909 09 T otal Bonds on R y . Prop
erty
outstanding
In
Hands of P ublic............. $143,757,909 09
STOCK.
209,981,875 00 Issued b y Great Northern
Railway C o m p a n y ---- 209,990,750 00
$6,461,789 69
14,698,981 50
$354,313,784 09 Total Bonds and S tock--S353,748,659 09 $21,160,771 19
In addition to the bonds listed above, the Great Northern and Northern
Pacific Railway Companies have Issued their jo in t C. B. & Q. Collateral
4 per cent bonds to the amount of $215,227,000 00 secured by deposit with
the Standard Trust Co. of New York, as Trustee, o f 1,076,135 shares o f
the Capital Stock of the Chicago Burlington & Quincy Railroad Company.
T otal Bonds and Stock shown a b o v e --------------- ------------ -------$353,748,659 09
Miles of Road owned b y Great Northern R y . Co. and Con
trolled Com panies- .........................- - - - - - ................................
7,177 57
Mileage of Main Tracks In System , Including second, third,
fourth, fifth and sixth main tracks, covered b y the above
,
ca p ita liza tio n ...............................................................................
7,378 74
M ile of Total
Bonds and Stock p e r .............................................. M ile of Road. M ain Tracks.
B o n d s ...........................................................................$20,028 77
$19,482 72
Stock .......................- .....................................- ........... 29.256 52
28,458 89
Totals............................................ $49,285 92
$47,941 61
1054
THE CHRONICLE
[V O L . L X X X X V ,
S TA TIS TIC S OF F R E IG H T A N D P A SSE N G E R T R A F F IC ON S Y S T E M — FO R T H E Y E A R E N D E D JU N E 30 1911
P R E V IO U S Y E A R S .
C O M P A R E D W IT H
Increase.
D E SC R IPTIO N .
Am ount.
FR E IG H T T R A FFIC —
Freight Train Miles__________
M ixed Train Miles___________
Mileage of Locom otives em ployed in “ h elping" F reight and Mixed Trains.
Percentage o f “ helping” to Revenue Train Miles__________________________
9,523.132
837,170
9,396,093
836,650
126,139
511
10,360,302
10,233,652
120,650
359,375
3.4688
1.3423
.0611
Deer ease
8,040
2.3493
.1274
368,021
3.5961
283,866,677
109,498,857
9,766,463
267,937,807
9,624,558
141,905
ease
5.9450
14.2763
| 1.4744
403,131,997
| 373,381,720
29,750,271
7.9678
27,543,172
23,070,655
4,014,293
4,035,377
31.557,465
27,106,032
4,451,433
Tons of Revenue Freight Carried One Alilc_____________________
T otal Tons Carried One Mile (R evenue and Company Freight).
Freight R e v e n u e ...........— _________________ ____________________
/l verages—
All Freight Cars per Train M ile------------------------------------- --------Tons Revenue Freight per Train Mile__________________________
Tons Revenue Freight per Loaded Car M ile____________________
Tons Revenue Freight Carried One Mile per Mile of R oa d ______
6.227 714 227
7 , 176’ 8071062
$47,877,369 06
5,357,747,880
0,458,492,964
$43,379,174.12
7l8i374!o98
$4,498,194 94
Distance Haul o f One T on— M iles______________________________
226.11
232.23
Freight R evenue per Train M ile________________________________
Freight Revenue per Mile of R oa d _______ ________ ______________
$4 62
$6,497 13
$4 24
$5,988 00
Loaded Freight Car Miles.
E m pty Freight Car A llies..
Caboose Car N otes_______
Total
Tons of Freight Carried—
Revenue ......................
Company.
Total
.7688
Total
4,472,517
19.3862
Decrea se
21,084
.5225
30.49
523.542
19.996
:
739,576
38.91
601.113
21.939
845,123
R evenue per T on Mile— Cents------------- -------------------------------------PASSEN GE R T R A F F IC —
Passenger Train Miles__________________________________________
M ixed Train Miles______________________________________________
; 15,928,870
11,601,716
837,170
11,545,000
830,659
12,438,886
12,381,659
162,722
1.4020
8,168,364
547,843,549
182,304
1.5701
8,302,189
590,566,237
Passenger R evenu e__________________ ________
Passenger Service Train R evenu e......................
Averages—
Passengers Carried One Mile per Alilc of R oad .
Distance Carried— Miles_____ _________ _______
$13,623,008 91
17,495,086 81
$13,422,057 12
17,123,290 10
74,344
67,069
81,521
70,623
2.487
$2,374 15
1.406
2.273
$2,363 68
1.383
9,523,132
11,601,716
837,170
17,277
Total
21,791,283
$65,918,107 01
37,002,547 73
28,255,559 28
R evenue Other than Transportation.
Net Operating R even u e. ----------- -------------------Averages—
R evenue from Transportation per Train M ilc.
$60,974,906 30
37,600,391 79
23,374,574 57
279,711 08
282,066 57
28,535,271 26
23,657,241 14
2.999
2.708
Operatlng Expenses per Train Alilc___________
1.714
1.725
Net R evenue from Transportation per Train Alilc—
Revenue Other than Transportation per Train Mile.
Net Operating Revenue per Train Alilc---------------------
1.285
.013
1.298
1.073
.013
1.080
EQU IPM E N T OF T H E G R E A T N O R T H E R N R A IL W A Y COMPANY
AN D O P E R A T E D LINES A C TU A LLY IN S E R V IC E FOR T H E
Y E A R ENDED JU N E 30 1912, AS CO M PA R ED ;W I T H Y E A R
ENDED JU N E 30 1911.
Class—
1912----- - — 1911----L ocom otives:
1,187
1,169
Steam L ocom otives.................. ..............................
Electric Locom otives ............................................
4
4
Total L o co m o tiv e s ............................................
1,173
1,101
Passenger Equipment:
96
Sleeping Cars..... ................... - ....................... ........
96
32
Parlor Cars............................................ ...................
31
Observation Compartment Cal's_______ ______
35
35
47
Dining C a r s ..............................................................
46
Coaches .................... - .............................................
368
369
Tourist Cars.............................................................
63
62
Passenger and Baggage Cars........... ...................
44
44
Uaggage, Mall and Express Cars.........................
338
285
Business C a r s .........................................................
27
20
Total Passenger E q u ip m e n t...........................
1,047
997
Freight Equipment:
Box Cars...........................................
30,418
Transfer Freight Cars — ........................................
50
Refrigerator Cars....................................................... 1,109
Stock Cars .................................................................. 1,910
28,626
50
1,112
1,923
Total B ox, Refrigerator and Stock C ars-----33,437
31,711
Flat and Coal Cars.......................- ............................ 5,777
5,986
Sand Cars....................................................................
685
691
Ore C a r s (W o o d )....................................................... 1,317
1,338
Ore Cars (Steel)......................................................... 6,375
6,375
14,154
Total Flat, Gondola and Ore C a r s...............
14,390
75
OH Tank Cars (S teel)..............................................
75
518
Ballast Cars....... ........................................................
548
586
Caboose C a r s ..... ........................................................
529
100
Cinder Cars..................................................................
103
138
Boarding C a r s ........... ................... ............................
141
96
Derrick and T ool Cars............................................
08
20
Steam Shovels...........................................................
20
21
Lldgerwood U n loa d crs.......... ...............................
21
12
Pile Drivers ........... .................................. .................
12
10
•
j.v Plows ............................. ...................
10
55
Snow D ozers......... ..................... ................................
55
131
Other W ork E quipm ent..........................................
124
49,403
Total Freight and W ork E qu ipm ent...........
47,807
N ote.— The above list docs not Include 1 Steam Locom otive and 1 Caboose
Car owned by the Midland R y . Co. of .Manitoba and which com pany is
owned by the Great Northern and Northern Pacific R y . Cos. Jointly.
2.42
77.571
1.943
105,547
Deer
0.12
Incr
$0.38
$509 13
Deer
. 0408
Incr
50,710
511
6.0320
14.8106
9.7169
14.2713
ease
2.6353
ease
8.9623
8.5025
ease
5. 0 3 95
ease
.4913
.0011
.4022
Deer ease
19,582
10.7414
.1705
t
103,825
2.3179
! 42,722,688
7.2342
Incr ease
■ $200,951 79
1.4972
371,790 71
2.1713
h
Deer ease
7,177
8.8030
3,554
5.0324
.
Incr ease
.214 9.4139
;
$10 47
.4430
.023 1.6631
9,396,093
11,545,000
836,659
12,631
21,979,295
Revenue from Transportation______
Operating E xpenses________________
Net Revenue from T ra nsportation..
11.1229
10.3695
57,227
Mileage of Locom otives em ployed in “ helping” Passenger Trains.
Percentage of “ helping” to Revenue Train M iles__________________
Passengers Carried________________________________________________
Passengers Carried One M ile_________________________ ________ ____
Revenue per Passenger per Alilc— C ents___________
Passenger Service Train Revenue per Mile of R oa d .
Passenger Service Train Revenue per Train Mile
TO TAL T R A FFIC —
Revenue Train Allies—
F r e ig h t _______________________________ _______
Passenger
M ixed....... ........................................... .......................
Special S ervice. ______ ________________________
?
.8090
Incr ease
16.4223
126,139
56,716
511
4,646
1.3423
.4913
.0611
36.7825
188,012
.8628
8.1068
$4,943,140 65
62,155 94
.1653
4,880,984 71 20.8810
Deer case
2,054 59
1.0453
Incr ease
4,878,030 12 20.6196
.201
Deer
.011
Incr
.212
7.1837
ease
.0377
case
19.7577
.212 19.5212
EQUIPAIENT OF T H E G R E A T N O R T H E R N R A IL W A Y COM PAN Y
A N D O P E R A T E D LIN ES A C T U A L L Y IN S E R V IC E ON JU N E 30
OF EACH OF T H E Y E A R S B ELO W NAMED AND ALSO S H O W IN G
T H E T R A C T IV E PO W E R A N D W E IG H T OF STEAM LOCOMO
T IV E S A N D C A P A C IT Y OF F R E IG H T C ARS.
S tea m
L o c o m o tiv e s .
Weight in Tons E x
clusive of Tender.
Tractive Power in
Pounds.
June 30.
N um
ber.
1900 _____
1 9 0 1 _____
1902 .........
1903 _____
1904 .........
1905 _____
1906 _____
1907 .........
1908 .........
1909 .........
1 9 1 0 .........
1 9 1 1 _____
1 9 1 2 .........
550
5t>3
608
637
703
707
786
943
1,081
1.073
1,123
1.109
1,187
Total.
A veraye
per Engine
Total.
12,147,810
12,847,030
15,050,560
16,278,760
19,058,360
19,060,270
21,959,730
28,335,770
34,308,875
34,049,845
36,641,215
38,868,760
40,054,060
22,087
22,820
24,754
25,555
26,918
26,959
27,938
30,048
31,821
3 1,733
32,628
33,249
33,744
31,536
33,236
38,805
' 41,792
48,431
48,416
50,570
73,817
89,100
88,696
05,885
100,907
103,020
A veage
Wt per
Engine oi
Average
Drivers
perEngine in Tons.
57.34
59.03
63.82
65.61
63.41
68.48
71.08
78.28
82.51
82.66
85.38
80.32
87.39
40.25
47.56
50.90
54.42
57,59
57.68
59.4 1
63.53
06.87
66.72
71.05
71.78
F re ig h t C a rs .
(Includes B ox, Transfer. Freight, Refrigerator Stock. Flat, Coal. Gondola
_________ Sand a nd Ore Cars— both W ood and Steel.)
June 30.
1900
1901
1902
1903
1904
1905
1938
1907
1908
1909
1910
1911
1912
.............................
- ...........................
.............................
...........................
........................
.............................
........................
........................
....................
.............................
.............................
........................
.............................
Number.
21,484
22,980
24,944
28 '420
ao|79i
81,277
33,290
38,385
42,131
42|280
44,283
46,101
47,641
Capacity (in Tons).
'Total.
Average per Car.
548,185
606,701
688,594
839,606
932,332
951,812
1,041,707
1,282,683
1,457,236
1,474,387
1,509,226
1,000,854
1,731,003
25.52
26.39
27.00
29.54
30.28
30.43
31.29
33.42
34.59
34.87
35.44
36.03
36.35
!
1
1
THE CHRONICLE
Oot. 19 1912.
1055
N U M B ER OF M ILES OF F IR S T M A IN T R A C K L A ID W IT H EACH W E IG H T OF ST E E L R A IL S ON J UNE 30TH O F EACH OF Y E A R S SHOW N(Does n ot Include rails laid In Second, Third, Fourth, Fifth and S ixth Main T racks.)
Weight P er Yard in Pounds.
90
85
80
77 'A
75
72
70
68
60 H
60
56
M iles.
M iles.
...........
M iles.
122.28
245.63
259.35
257.53
254.53
469.72
646.69
622.52
602.60
584.52
562.18
542.08
516.02
M iles.
269.21
274.61
755.19
927.72
1,085.00
1,168.73
1,145.05
1,089.73
1,062.75
1,049.90
961.01
933.82
855.84
M iles.
1,154.75
1,160.97
1,155.26
L152.62
1,030.62
986.01
950.54
836.53
727.51
691.50
739.74
720.14
680.61
M iles.
...........
M iles.
...........
M iles.
979.11
987.46
972.32
961.45
958.83
940.03
909.91
313.50
712.62
709.79
721.28
709.78
703.18
M iles.
—
M iles.
1,153.65
1,070.51
944.70
929.35
923.81
897.08
946.02
1,113.38
1,120.96
1,080.46
965.69
968.99
1,057.94
M iles.
1,725.20
1,708.78
1,758.90
1,650.53
1,594.85
1,512.90
1,474.05
1,390.25
1,354.63
1,229.65
1,193.38
1,202.60
1,203.48
1900 ........... ........
1 0 0 1 ----------------1904 ....................
1905 ....................
1910 ..................
1911 ..................
1 9 1 2 ....................
122.67
405.64
697.57
850.17
1,052.14
38.96
410.25
748.33
838.81
831.58
797.74
763.84
72-lb. Ralls are used— 80-lb. Ralls rerolled.
25.29
26.35
24.75
24.75
24.75
25.29
25.29
25.29
...........
______
...........
45.61
100.04
150.38
191.17
191.17
209.38
94.96
102.00
111.12
111.12
111.12
110.94
109.85
109.85
109.85
M iles.
5,404.20
5,447.96
5,845.78
5,879.20
5,942.60
0,101.82
6,248.69
6,457.64
6,687.98
6,876.34
6,999.94
7,051.63
7,177.57
0 8 H -lb . Ralls are used— 75-lb. Ralls rerolled.
THE PACIFIC COAST COMPANY
E X T R A C T S FROM T H E R E P O R T FO R T H E Y E A R E N D IN G JU N E 30 1912.
N ew
Y o r k , S ep tem b er
10, 1912.
T o the S to c k h o ld e r s o f th e P a c i f i c C o a s t C o m p a n y :
The following report of the business of your Company and
operations of its subsidiary companies for the fiscal year end
ing June 30 1912 is respectfully submitted:
There has been no change in the Funded Debt or Share
Capital.
I present herewith report of your Vice-President and Gen
eral Manager at Seattle, giving details of the operations of the
subsidiary companies and of this Company. In connection
with this report will be found a condensed general balance
sheet of this Company and subsidiaries and statistical infor
mation furnished by our General Auditor at Seattle.
From the statistics furnished, it appears that in comparison
with last year the earnings of all subsidiary companies, to
gether with the rentals and receipts of the Pacific Coast Com
pany for the year, are as follows:
Gross Earnings (Decrease)------Operating Expense” (Decrease)
N et Earnings (Decrease)---------
$301,827 70
59,358 21
. 242,469 49
The Net Earnings of the Pacific Coast Steamship Com
pany decreased SI03,002 35.
The Net Earnings of the Pacific Coast Railway Company
increased $22,894 78.
The Net Earnings of the Columbia & Puget Sound Rail
road Company decreased $56,081 90.
The Net Earnings of the Pacific Coast Coal Company,
including lumber sales, decreased $108,586 99.
Rentals, Dividends, Grain Warehouses and Port San Luis
Wharf increased $5,847 48.
General Expenses and Taxes increased $3,540 51.
It appears from the report of the General Manager that
the reduction in gross earnings was principally caused by
general depression in business. He also explains that the
operating expenses could not be reduced in proportion to
the reduction in gross earnings because of marine accidents,
losses by floods and other difficulties beyond control.
Business conditions arc reported as slowly improving in
the country served by your Company and its subsidiaries.
II. W . CAN NO N ,
P r e s i d e n t a n d C h a i r m a n o f th e B o a r d .
FROM R EP O R T OF V IC E-PR E S. A N D G E N . M A N A G E R .
S e a tt l e , S e p t e m b e r -3 1912.
Gross Earnings decreased as a result of the general de
pression in business that existed during the year.
Earnest
efforts were made to reduce expenses of all subsidiary com
panies. The Pacific Coast Coal Company, Columbia &
Puget Sound Railroad Company and the Pacific Coast Rail
way Company effected substantial reductions.
On account of two serious accidents that occurred early
in the year, and other circumstances beyond control, the
Pacific Coast Steamship Company was unable to reduce ex
penses. Since the middle of July business generally on this
Coast shows some improvement and justifies the hope that
the coming year will show an increase in both gross and net
earnings.
PACIFIC COAST STEAMSHIP COMPANY.
Gross Earnings (Increase---------------------------------------------- --------Operatng Expenses (I n c r e a s e )..----- ------- - - - - .....- - .........
Net Earnings (Decrease)__________________________________ ____
$93,428 61
196,430 96
103,002 35
The main causes for increased expenses were:
Increased amount of freight handled.
Accidents to steamers ' ‘Spokane,” “ Santa Rosa” and
“ Ramona.”
Necessity of operating more expensive steamers in place
of the “ Santa Rosa” and “ Ramona,” which were lost.
July 7 1911 the steamship “ Santa Rosa,” en route, San
Francisco to San Diego, stranded near Point Arguella, Cali
fornia, and became a total loss. All passengers were landed
safely. Three members of the crew were drowned. Boo
value of steamer, $300,000. Insured for $225,000.
September 10 1911 the steamship “ Ramona,” en route
Skagway to Seattle, stranded during a fog on rocks off
Spanish Islands and became a total loss. No lives lost.
Book value, $155,000.' Insured for $99,000.
In order to maintain the efficiency of our steamship fleet,
which has been reduced by the loss of three vessels since
January 1911, a contract was let on April 2 1912 to the
New York Shipbuilding Company of Camden, New Jersey,
for the building of a new and modern steamship, somewhat
larger than any other vessel owned by the Company. The
contract calls for the delivery of the ship in May 1913 and
it is expected that it will add considerably to the efficiency
and earning capacity of the Steamship Company.
The cost of the New ship will be partly provided for by
the insurance collected on account of the loss of the three ves
sels heretofore referred to.
COLUM BIA & PU G E T SOUND R A IL R O A D COM PAN Y.
Gross Earnings (D ecrease)---------------------------------------------------------- $90,260 85
34,178 95
Operating Expenses (D ecrease)-------------------------------------------------56,081 90
Net Earnings (Decrease)-------------------------------------------------------------
Most of the decrease in earnings was on freight, due to
depressed business conditions.
General shipments have been increasing since July 1,
and it is hoped that more favorable conditions will prevail.
A much larger reduction in operating expenses would
have been made but for damage caused by an unprecedented
flood in the Cedar River last November, which was greatly
augmented by the bursting of a large dam in the City of
Seattle, Water Department, above Maple Valley.
PACIFIC COAST RAILW AY COMPANY.
$6,895 85
15,998 93
22,894 78
Gross Earnings (Increase)-----Operating Expenses (Decrease)
Net Earnings (Increase)----------
There was charged to “ Operating Expenses” and written
off to cover depreciation of equipment and power transmis
sion $10,281 63 this year, against $6,502 41 last year.
Increased oil shipments caused a slight increase in gross
earnings, notwithstanding a heavy decrease in grain and
lumber shipments.
Crops this year are turning out well, and indications point
to a better year than last.
COAL D E P A R T M E N T .
Gross Earnings (D ecrease)_____________________________________ $316,731 65
Operating Expenses (D ecrease)_______ ________ ________________ 214,197 97
Net Earnings (D ecrease)---------------------------------------------------------- 102,533 68
The total output of the mines during the year was 709,262
tons, which includes 16,116 tons from mines under develop
ment— a decrease of 28,493 tons as compared with previous
year.
The amount of coal sold at all depots was as follows:
From C om pany’ mines, t o n s ----------------- ---------- -------------------------------671,290
Other domestic coal, tons--------- ------------------------------------------------------ 1 -.1 -9
Foreign coal, tons . —
--------------------------------------------------------------- 68,616
.752,035
Total tons
— a decrease of 81,769 tons under last year.
The decreased output and sales was partly on account of
depressed business conditions and partly on account of com
petition of California Fuel Oil. which has been selling very
cheaply during the past year. A large number of steamers
have been converted into oil-burners, and a number of rail
roads are now using oil fuel on their Pacific Coast divisions.
LU M B E R D E P A R T M E N T .
*
Lumber business shows a decrease over previous year as
follows:
Gross Earnings (D ecrea se)----------------------------- --------------------------Operating Expenses (In cre a se )-------------------------------------------------Net Earnings (D e cre a se )-------------------------------------------------------------
$4,325 44
1,72 7 87
6,053 31
[C o m p a r a tiv e in c o m e a c c o u n t a n d b a la n c e s h e e t a re g iv e n o n a p r e c e d in g
p a g e u n d e r A n n u a l R e p o r t s .]
105(5
THE CHRONICLE
[V O L . L X X X X V .
MISSOURI KANSAS & TEXAS RAILW AY COMPANY
A N N U A L R EP O R T Y E A R E N D E D JUNE 30TH 1912.
N ew
T o the S to c k h o ld e r s o f
York
M isso u ri K a n sa s
C ity,
&
O c to b e r
10 th 1912.
T e x a s R a ilw a y C o m p a n y .
The directors and officers of your Company submit
herewith their report for the fiscal year ended June 30th,
1912.
The operations of the railway system, composed of
Missouri Kansas & Texas Railway Company
The Missouri Kansas & Texas Railway Co. of Texas,
Texas Central Railroad Company,
The Denison Bonham & New Orleans Railroad Co.,
The Dallas Cleburne & Southwestern Railway Co.,
Missouri Kansas & Texas Terminal Co. of St. Louis,
were as follows:
1912.
1911.
Operating Revenue
$
$
F r e i g h t _____ _____ ____ 18,100,905 87 18,184,663 74
Passenger_________________ 8,220,408 83 8,923,259 32
M a ll.. ___________________
626,127 78
618,620 35
Express . . ______ ________
752,012,50
836,242 27
Aliscellancous......... ...............
487,264 13
502,507 87
T o ta l___________________ 28,180,719 11 29,065,293 55
— 878,574 44
3
96 3,900,643 24
17 3,550,392 86
98
742,628 01
96 11,409,361 43
63 1,003,490 11
+ 228.612 72
+ 194,840 31
— 3,700 03
+238,211 53
— 58,031 48
6
5
2
0
21,205,848 70 20,606,515 65
+ 599,333 05
3
Operating Kxpenses—
Alaintenance of W ay and
Structures _____________ 4,129,255
Maintenance o f I' quipment 3,745,233
T raffic E xpenses__________
738,! 27
Transportation E xpenses.. 11,647,572
General E xpenses________
944,858
T o ta l________________
Increase!. + ) or
Decrease(— ).
$
%
— 83,757 87
— 702,850 49 8
4-7,507 43 1
— 84,229 77 10
— 15,243 74 3
Net Operating R evenu e___ 0,980,870 41
Less T axes_______ .
1,060,181 47
8,458,777 90 — 1,477,907 49 17
1,005,048 69
+ 54,532 78 5
5,920,688 94
7,453,129 21 — 1,532,440 27 21
Less Outside Operations,
Net D ebit_______________
Operating Incom e______
A d d Other In com e______
35,325 98
6,604 17
— 28,721 81 - -
5,885,362 90
350,395 67
7,446,525 04 — 1,501,162 08 21
431,692 69
— 75,297 02 17
T otal Corporate In com e. 0,241,758 63
7,878,217 73 — 1,036,459 10 21
F IN A N C IA L .
Charges—
Interest on B onds_________ 4,861,619 92
O ther I n t e r e s t __
783,922 79
Discount on Securities____
R entals________
579,047 71
4,848,290
452,490
141,547
662,183
07
22
55
81
+ 13,329
+ 331,432
— 141,547
— 83,136
85
57 73
55
10 13
T otal Charges....... ........... 6,224,590 42
6,104,511 65
Net Corporate I n c o m e ..
1.773,706 08 — 1,750,537 87 99
17.168 21
+ 120,078 77
2
M IL E A G E .
The total mileage operated by the System on June 30th
1912 increased 3.77 miles, as compared with the mileage
operated June 30th 1911, as follows:
Extension o f Joplin branch to reach Joplin Union D epot Com
pany’s te rm in a ls .,_____ ______________________________ ________ 3.07 miles
Henrietta Division, mileage correction_________
_____________ .10 “
T otal ............................................ .......................................... .............. .3.7 7
"
OPERATIONS.
Concerning the disappointing results of operations for
the fiscal year, as shown by the detailed statement given
above, it is fair to say that they were very largely
produced by a combination of adverse conditions which
lias rarely, if ever before, occurred during one fiscal year
in your Company’s life.
Cross earnings from freight, passenger and express
traffic were affected adversely by bad business conditions
in the Southwestern States, particularly in Oklahoma and
Texas, due to the almost complete failure of grain crops
in the calendar year 1911, following short crops of the
two preceding years, the low price of cotton and the diminisned purchasing power of the people because of the
exhaustion of their surplus and credit, and the unusually
severe weather conditions. Passenger earnings, where
8 0 % of the year’s loss occurred, were further affected by
quarantines against spinal meningitis, which was epi
demic in Texas for about four months, in some cases inter
fering to such an extent with the movement of the people
as to cause reduction of train service.
The increased production of cotton and cotton seed
products in 1911 resulted in a large increase in your Com
pany’s earnings from that source.
Coal earnings in
creased in comparison with the previous fiscal year, when
there was a prolonged strike of mine workers. The fail
ure of cereal crops in Oklahoma and Texas produced a
heavy movement of grain into those States from other
sections and materially increased your Company’s earnings
on that commodity. There were substantial decreases
in the revenues from other classes of freight traffic, due
to the adverse conditions previously referred to, and also
due in the cases of live stock and lumber, the earnings,
from which have decreased constantly during the past four
years, to the special conditions recited in the preceding
annual report of your Company.
The total revenue freight tonnage increased 6 .8 % .
The revenue ton miles increased 4 .3 % .
Freight and
mixed train mileage decreased 2 .4 % .
The ton mile revnue was 1.08 cents, a decrease of 4 .4 % .
Revenue per
freight train mile was §2 GO, an increase of 2 % .
The
revenue tonnage per train mile was 240.03 tons, an in
crease of 6 .9 % ; including Company’s freight, the tonnage
per train mile was 272.93 tons, an increase of 2 .6 % . The
tonnage per locomotive mile, including Company’s freight,
was 256.34 tons, an increase of 2 % . The average revenue
tonnage per loaded car mile was 14.93, an increase of 6 .7 % .
The average haul per ton on revenue freight was 192.1
miles, a decrease of 2 .3 % . The number of tons of revenue
freight carried one mile per mile of road was 493,108, an
increase of 3 .7 % .
The total number of passengers carried decreased 5 .8 % .
The number carried one mile decreased 1 0 .7 % . Revenue
per passenger per mile was 2.35 cents, an increase of 3 .1 % .
Tassenger train mileage decreased .4 % .
Passenger revenue
per train mile was $1 12, a decrease of 7 .4 % ; passenger
service train revenue per train mile was $1 32, a decrease
of 7 % .
Operating expenses were increased because of higher
wages paid during the whole twelve months of the fiscal
year, and affecting all classes of expense, pay rolls hav
ing increased 8622,098, or 5 .7 % ; a strike of car men,
which affected transportation as well as maintenance ex
penses; bad water conditions caused by the long drought,
damaging motive power and interfering with train service;
floods and washouts later in the fiscal year, damaging road
way and interrupting traffic; extraordinary tie renewals,
caused by the simultaneous failure on a large track mileage
in Texas of untreated pine ties which had been placed in the
track while the tie-treating plant, which had been destroyed
by fire, was being rebuilt; increased payments for loss and
damage and personal injuries, due to your Company’s
efforts to settle all claims promptly.
It will be noted that 7 1 % of the increased operating
expenses were in maintenance charges, and that traffic and
general expenses decreased.
The changes in funded debt in the hands of the public
during the year were as follows:
Increase.
Decrease.
M. It. & T . R y . Co. T w o-Y ear 5% Secured Gold
Notes s o ld _______ ____________________________ $3,150,000 00
M. K . & T . R y . Co. 5% secured notes sol t______ 1,100,000 00
AI. K . & T . R y. Co., St. Louis Division, R efund
ing 4% bond exchanged for M. K . & E. R y .
1,000 00
Co. Second Mortgage 5% B ond______________
Texas Central Railroad Company First Mortgage
5% Bonds sold_______________________________
798,000 00
AI. It. & T . R y. Co. One-Year 5% Secured Gold
Notes of A ug. 1st 1910 a id ................. ............... .....................$308,000 00
Boonville Railroad Bridge Co. First Mortgage
4
Bonds retired by Sinking Fund
______
___________
8,000 00
AI. It. & E . y . Co. Second Alortgage 5% Bond
exchanged for AI. It. & T . R y. Co., St. Louis
Division Refunding 4% B o n d ......................... ................. .......
1,000 00
T o t a l .................................................... ..................... $5,049,000 00 $377,000 00
Net increase. _______________ _________________ $4,072,000 00
(against which $474,000 00 General Mortgage 4 % Gold
Bonds were purchased for the Sinking Fund and are held
by the Trustee o f the Mortgage.)
Other changes in funded debt, as shown by
densed balance sheet of June 30 1912.
the con
Increase.
AI. K . & T . R y. Co. Consolidated .Mortgage 5%
Bonds, pledged to secure n o te s__ ___________ $21,937,000 00
AI. IC. & T . R y. Co. Consolidated Mortgage 5%
Bonds, In t r e a s u r y .._________________________
521,000 00
AI. IC. & T . R y. Co. First .Mortgage 4% Bond
destroyed, paid for by the C om pany__________
___________
AI. K . & T . R y .C o First Mortgage Extension 5%
Bond destroyed, paid for by the C om pany.................. ...............
Decrease.
Total
............................. ..................... ...........$22,458,000 00
Net Increase_________________________________ $22,456,500 00
$1,500 00
$500 00
1,000 00
Excepting the 8798,000 first mortgage bonds of Texas
Central Railroad Company referred to above, there were
no bonds sold during the year, and your Company’s money
requirements were met by the sale of short-term notes.
83.150.000 Two-Year 5 % Secured Gold Notes of Mis
souri Kansas & Texas Railway Company, being the re
mainder of the authorized issue of 816,000,000, dated
May 1st 1911, maturing May 1st 1913, were sold to re
imburse your Company’s treasury for expenditures made for
additions and betterments and for the acquisition during
the year of securities of railway and terminal companies.
81.100.000 secured 5 % notes of Missouri Kansas &
Texas Railway Company, maturing June 28th 1912, were
sold and their proceeds used to partly reimburse your
Company for expenditures made in acquiring the capital
stock of the Wichita Falls & Northwestern Railway Com
pany and Wichita Falls & Southern Railway Company
hereinafter referred to.
These notes were extended to
July 1st 1912 and were paid on that date from the pro
ceeds of an issue of 81,500,000 one-year 5 % secured notes
maturing July 1st 1913.
84.728.000 Missouri Kansas & Texas Railway Com
pany Consolidated Mortgage 5 % Gold Bonds were au
thenticated under the mortgage and delivered to your
Company, as follows:
O c t . 1 9 1 9 1 2 .]
T H E C H R O N IC L E
In reimbursement of expenditures made for additions and
betterm ents -------------------------- --------------------------------------------- .$1,509,000
Against the pledge o f M . K . & T . K y. Co. General Mortgage
191,000
Bonds . . . . . . . ________ ___________________________________
Against M. K . & T . R y . Co. General Mortgage Bonds retired
by Sinking F u n d .. . -------- -------------------------- ---------------------471,000
Against pledge o f Capital Stock of W ichita Falls & N orth
western Hallway Company acquired during the y e a r . . ___ 1,940,000
Against pledge of Capital Stock of W ichita Falls & Southern
Hallway Company acquired during the y ea r_______________
51,000
Against pledge of Capital Stock and First Mortgage Bonds
of Denison Bonham & New Orleans Railroad C o___________
204,000
Against pledge of First Mortgage Bonds of .Missouri Kansas
& Texas Terminal Co. of St. Louis acquired during the year
294,000
Against Boonville Railroad Bridge Company First Mortgage
Bonds retired by Sinking Fund------------------------------------------5,000
00
00
00
00
00
00
00
00
T o ta l........................ ................................................................... ..$ 4 ,7 2 8 ,0 0 0 00
Of the above-mentioned Consolidated Mortgage bonds,
$521,000 were on June 30th 1912 in your Company’s treas
ury, $2,787,000 were pledged under the Two-Year notes
maturing May 1st 1913 and $1,420,000 were pledged under
$1,100,000 5 % notes maturing July 1st 1912.
General Mortgage bonds to the amount of $191,000
were authenticated and delivered to your Company upon
certificates of expenditures for additions and betterments
to your property north of Red River. These bonds have
been pledged under the Consolidated Mortgage.
W IC H IT A FA LLS &
W IC IIIT A FA LLS
N O R T H W E S T E R N R A IL W A Y C O M PA N Y.
& SO U T H E R N R A IL W A Y C O M P A N Y.
1057
D A L L A S U N IO N P A SSE N G ER S T A T IO N .
The organization of the Union Terminal Company of
Dallas, Texas, was perfected during the year. That com
pany is constructing a modern passenger terminal which
will be used by all lines entering Dallas. The authorized
and issued capital stock of the company is $48,000, of
which one-eight is owned by the Missouri Kansas & Texas
Railway Company of Texas, and one-eight by each of the
following: The Texas & Pacific Railway Company; Houston
& Texas Central Railroad Company; Gulf Colorado & Santa
Fe Railway Company; The Trinity & Brazos Valley Railway
Company; St. Louis San Francisco & Texas Railway Com
pany; The Chicago Rock Island & Gulf Railway Company,
and St. Louis Southwestern Railway Company of Texas.
The estimated cost of the terminal is $3,000,000 and con
struction will be financed by an issue of first mortgage 5 %
thirty-year bonds of the Terminal Company, the principal
and interest of which will be guaranteed jointly and sever
ally by the eight proprietary companies.
This terminal is located on the main line of your railroad
through Dallas, and will relieve your System of the ultimate
necessity of building and maintaining for itself a costly
passenger station in one of the largest cities of Texas.
P H Y S IC A L CO N D ITIO N S.
The property was well maintained throughout the year,
Your Company acquired during the year all of the capital and the road is in good condition notwithstanding the
stock of tin' Wichita Falls & Northwestern Railway Com troubles experienced on account of the severe winter and
pany, an Oklohama corporation, of the aggregate par the wet spring. Expenditures for permanent additions
value of $2,000,000 and all of the capital stock of the Wichita and betterments aggregated $1,559,586 40. While no
Falls & Southern Railway Company, a Texas corporation, heavy improvement work was done, the betterment of the
of the aggregate par value of $53,000. Those companies roadway and the enlargement and improvement of various
operated on June 30th 1912, a system of railways known facilities was carried on.
as the Wichita Falls Lines, extending from Newcastle,
The policy of renewing wooden trestles and culverts in
Texas, to Woodward, Oklahoma, with a branch line extend concrete has been continued, 17,105 cubic yards of concrete
ing from Altus, Oklahoma, to Wellington, Texas, aggre having been used during the year.
gating 333.37 miles, of which 328.(50 miles arc owned and
A new span bridge was erected over Deepwater Creek
4.77 miles are used under trackage agreements with other on the Sodalia Division, and a span taken out last year
lines. The line from Hammon, Okla., to Woodward, 66.33 at the Marmaton River near Fort Scott was re-erected
miles, was constructed and placed in operation during the over the Roche Perche Crock on the Columbia Branch
fiscal year and 83.67 miles from Woodward to Forgan, Okla.,
in order to permit the handling of cars of 100,000 pounds
are under construction and will be completed and placed in capacity over that line.
operation soon. This new construction of 150 miles was
Two bridges on the Denton Division which were de
arranged by the Wichita Falls & Northwestern prior to stroyed by fire have been rebuilt, combination spans being
the purchase of its capital stock by your Company. The used.
Oklahoma corporation is the owner of all of the stock and
103 miles of new 85-pound rails were laid.
bonds of the Wichita Falls Railway Company, which
Embankments were widened on 66 miles of roadway
owns 17.98 miles of road extending from Henrietta to and 302 miles of ditching was done.
Wichita Falls, Texas, and this mileage has been operated
Three miles of track were ballasted and 274 miles of
by your System, since its construction, under a contract track reballasted.
which provides for specified divisions of rates, and for the
A total of 2,097,107 cross ties and 1,173 sets of switch
payment to the Wichita Falls Railway Company of the ties were used during the year.
net earnings. The payments by your System to the Wichita
Eight miles of new wire fence were constructed, and
Falls Railway under this contract have averaged $112,573 340 miles of-fence rebuilt.
during the past three years, and such payments will, of
52 miles of yard and industrial tracks were constructed.
course, hereafter be retained within the System, because
The construction of new division terminals at Waco
of the acquisition of the Wichita Falls lines.
has been commenced and a portion of them will be placed
On June 30th 1912 the outstanding capitalization of the in service this autumn, when the division point will be
lines in question was as follows:
moved from Hillsboro, thereby adding 39 miles to the
W ichita Falls & Northwestern:
freight divisions from Dallas and Ft. Worth, which will
Capital S tock _________________________________$2,000,000 00
make a considerable saving in transportation expense.
First Mortgage B on d s_______________
2,230,000 00
882,000 00
Panhandle Division B onds. . _______________
The following new buildings and structures have been
Beaver Division B onds________
2,500,000 00
erected:
F'irst Mortgage 6% N otes. _____ _______ .
220,000 00
----------------------$7,838,000 00
Car sheds at Dallas, Ft. Worth, Greenville, Houston,
W ichita Falls & Southern:
Denison, Smithvillc and Waco, in order to comply with a
. ...... ......... .....
$53,000 00
Capital S tock ______ _
First Mortgage B onds------------------------ ------- .
757,000 00
law passed by the Texas Legislature; and arrangements
---------------------810,000 00
are now being made to construct sheds at several of the
T ota l........................ .................................................................... .$8,048,000 00
important points in Oklahoma to comply with a similar
The following table shows the average earnings of the law enacted in that State.
A new brick passenger station has been constructed at
Wichita Falls lines (including Wichita Falls Railway)
Boonville, and new stations at Chanute, Montrose, New
during the three fiscal years ended June 30th 1912:
Franklin, Pryor, Alvarado, Como and Bells. The depot
Gross revenue___________________ .$958,597 00
Operating expenses and taxes-------- 537,244 00
at McAlester has been enlarged and station improvements
made at 38 other points.
Net ea rn in g s_________ _____ . .8421,353 00
Interest, rentals and other ch arges.$249,104 00
The water supply at various points has been improved.
Nine cotton platforms have been rebuilt or enlarged.
S u rp lu s ............................... .............. $172,189 00, equal t o 8 .4 %
on $2,053,000 00 capital
stock.
The Wichita Falls Lines occupy some of the most fertile
and densely populated agricultural country in Northwest
Texas and Western Oklahoma. The principal agricultural
products arc cotton, corn, wheat, oats, broom corn and
forage crops. The raising of hogs and cattle for market
is an important industry. Large deposits of coal exist at
Newcastle, Texas, the southern terminus of the Wichita
Falls & Southern. Important discoveries of oil and gas
in the district tributary to Wichita Falls were made during
the year. The commercial and agricultural development
of the territory contiguous to these lines is progressing
rapidly.
Ihe earnings of the Wichita Falls lines suffered
during the past year from the same adverse conditions which
affected the operations of other roads in the Southwest,
but there is every indication that the current fiscal year
will be a prosperous one, and your management is of the
opinion that these lines will be valuable feeders to your
System. There is no floating debt, and under the terms
of purchase the vendors of the stock discharged all of the
current liabilities existing on July 1st, 1911.
The mileage and operations of the Wichita Falls Lines
will be included in the System’s reports when the extension
to Forgan is completed and placed in operation.
R O L L IN G STOCK.
New equipment received during the fiscal year comprised
the following:
17 L ocom otives.
3 Passenger Cars.
I 178 Freight Cars.
1 4 Company Service Cars.
10 passenger locomotives of the Pacific type were con
tracted for and will be delivered this autumn.
The policy of the management to provide new equip
ment during each year to replace equipment which has
been destroyed or retired will occasion the purchase or
construction of some new equipment during the current
year. It will also be necessary to provide some additional
new freight and passenger equipment in order to properly
handle the traffic.
LA N D G R A N T S U IT .
The United States Court of Claims decided adversely
your Company’s suit against the Government to recover
$61,287,800, the value of Indian lands granted to your
Company, basing its decision on the ground that the grant
under the Act of Congress of I860 was not absolute but
was conditional and that the United States had the right
to ignore same. The Court admitted, however, that there
was no other land grant similar in terms and conditions,
and the questions decided were, therefore, decided as original
T H E C H R O N IC L E
1 0 58
propositions, and the adverse opinion of the Court is not
sustained by any judicial precedent or authority. The
case has been appealed to the Supreme Court of the United
States, but in regular course will not be reached for argu
ment for two or three years.
GENERAL REM ARKS.
During the year the Galveston Causeway and bridge
was opened for traffic and is now being used by your System’s
trains.
This great steel and concrete structure, 2 miles
in length, which permanently connects Galveston Island
with the mainland, was erected by Galveston County at a
cost of $1,670,000, one-half of which was paid by the Gal
veston Harrisburg & San Antonio Railway Company,
Gulf Colorado & Santa Fe Railway Company and Galveston
Houston & Henderson Railroad Company. Your Con pany
owns half of the capital stock of the last-named Company.
The three contributing railroads have a lease of the railroad
portion of the causeway running for 999 years without fur
ther payment except for their proportion of maintenance
charges. The causeway provides two tracks for steam
railroads, one track for an electric interurban railroad and
a roadway for vehicles and pedestrians.
It takes the place
of the single track pile bridge which has been the only means
of transportation except by boat between the City of Galves
ton and the mainland since the destruction of all other bridges
by the great storm of 1900.
The new Union Station now under construction at Kansas
City by the Kansas City Terminal Company is about onefourth completed, and work is progressing rapidly. It is
expected that the plant will be completed in 1913.
On March 17th 1912 the station building at Parsons,
Kansas, the upper floors of which were occupied by your
Company’s general offices, was destroyed by fire. Plans
are now being prepared for the rebuilding of the station
and office facilities at that point.
The only legislation adopted during the year which
seriously affected your operations was the Federal boiler
inspection law, which added approximately $64,000 to
the mechanical department’s expenses.
There were no
laws passed affecting your revenues, but the Inter-State
Commerce Commission and the various State Railroad
Commissions made a number of important rulings, prac
tically all of which will operate to reduce your System’s
revenues.
Several important decisions affecting rates
were rendered by the courts, some of which were favor
able to railway interests. The growing requirements of
railway commissions for statistical information are con
stantly and materially increasing your Company’s operat
ing expenses.
Public sentiment in the Southwestern States seems to be
more favorable to railroads. Significant of the change in
public attitude is the organization in Texas of a Welfare
Commission, a voluntary association of prominent business
and professional men for the purpose of making a careful
study of the laws and conditions which retard the prosperity
and development of the State. The Democratic Party,
which dominates the politics of Texas, in its platform adopted
at the State Convention in San Antonio during July advo
cates changes in the present law regulating the issue of
securities by railroads, stating that “ it is evident that the
present transportation facilities are not adequate to the
proper transaction of its (the State’s) business,” and pledging
the Party to the enactment of new laws “ to the end that new
mileage may be constructed and the facilities of all lines be
extended and improved.”
.
While the result of your System’s operations during
the fiscal year under review was most unsatisfactory, due
to the special conditions explained in preceding paragraphs,
the outlook for the current fiscal year is very promising.
There has been an abundance of railnfall in your whole
territory for the first time in three years, and crop conditions
are on the whole the best in many years. General business
conditions are gaining steadily. The improvement which is
being made in operating methods and the promising outlook
for business during the coming season lead your management
to believe that the current fiscal year will show a satisfactory
increase in gross and net earnings.
The regular dividends aggregating 4 % on the preferred
capital stock of your Company were declared as usual and
charged to the surplus of previous years, your Directors
believing that the showing for the single year was due to
temporary causes which did not justify a discontinuance
of the dividend. Their judgment has largely been con
firmed by the notable improvement manifested in your
System’s earnings since the beginning of the present fiscal
year.
r^On February 1st 1912 Mr. Edwin Hawley, Chairman of
the Board of Directors, died.
Appropriate resolutions
adopted by the Board of Directors appear in the pamphlet
report.
.
Mr. Henry E . Huntington was elected a Director of your
Company to fill an existing vacancy. Mr. Walter S. Crandcll was elected a Director to fill the vacancy created by
the death of Mr. Edwin Hawley. Mr. C. E . Schaff was
elected a Director to fill a vacancy created by the resignation
of Mr. B . F . Yoakum.
Mr. Frank Trumbull was elected Chairman of the Board
of Directors on February 8th 1912 succeeding Mr. Edwin
Hawley, deceased.
[V O L . L X X X X V .
Mr. C. E . Schaff was elected President of the Company
on April 10th 1912, succeeding Mr. A . A . Allen, resigned.
Mr. James Hagerman retired as General Counsel and was
appointed Consulting Counsel. Mr. Joseph M. Bryson,
formerly General Solicitor, was appointed General Counsel.
Statements and tables are appended which present your
System’s accounts and operations.
Respectfully submitted,
C. E . SC H AFF,
President.
F R A N K TR U M B U L L ,
Chairman of the Board.
M ISSO U R I
KANSAS
& TEXAS RAILW AY
SYSTEM.
ST A T E M E N T OF INCOME ACC O U N T FOR T H E FISC A L Y E A R
E N D ED JU N E 30TH 1912.
Gross Operating R even u es......... ......................................................828,186,719 11
Operating Expenses......... - .............................................................. 21,205,848 70
Net Operating R even u e..........................................- ................... 86,980,870 41
Outside Operations—
Dining Service (L o s s).............................................. 849.327 62
Sleeping Cars (G a in )..................
Dipping Vats (G a in )__________
764 80
13,236 84
14,001 64
Net L o s s . . - _____________ __________________________
33,323 98
86,945.544 43
T otal Net Revenue
Less—
Taxes Accrued - -
1,060,181 47
85,885,362 96
Operating In co m e ......... .....................
Otlier Incom e—
Hire of E qu ip m en t........... .............
Rentals R e ce iv e d ..........................
Interest and Incom e from Invest
ments ........... - .............— ...........
869,436 78
121,049 48
165,909 41
T otal Other Income
356,395 67
Gross In co m e .................... ........
Deductions—
Interest A ccrued on Bonds
Other Interest A ccrued —
Rentals P a id ................... -
36,241,758 63
84,861,619 92
783,922 79
579,047 71
6,224,590 42
T otal D ed u ction s. .
817,168 21
Net Incom e
P R O F IT A N D LOSS ACCOUNT FOR T H E FISCAL
J U N E 30TII 1912.
Y E A R END ED
Balance to Credit of Profit and Loss, June 30th 1911 . - . . . . 85,783,632 09
Balance for Year Brought Forward from Incom e A c c o u n t.17,168 21
85,800,800 30
Deductions for Year—
Depreciation Prior to July 1st 1907 on Equipm ent De
stroyed . . ................................. - ................................................
Depreciation on Side Tracks taken u p ......................................
Discount on Notes s o ld ..............................................................
Uncollectible bills charged o f f ...................................................
Dividends—
M. K . & T . R y . Co. Preferred Stock (4 % ) . . 8520,000 00
Texas Central Preferred Stock Outstand
ing ( 5 % ) .........................................................
1,000 00
Texas Central Common Stock Outstand
ing ( 5 % ) ...........................................................
635 00
Southwestern Coal & Im provem ent Co. Sinking Fund
transferred to “ Appropriated Surplus” ...............................
Miscellaneous . . — .......................................................................
858,735
11,086
382,112
78,202
59
35
98
50
521,635 00
15,232 62
4,409 10
31.071,414 14
Balance to Credit of Profit and Loss June 30th 1912 ................ 54,729,386 16
CONDENSED G E N E R A L B A L A N C E SH E E T F ISC A L Y E A R E N D ED
JU NE 30TII 1912.
AS S E TS .
Property Investment—
Cost of R oad and Equip
ment ........................... ...8 2 0 9 ,8 2 4 ,5 7 8 29
Less A ccrued Depreciation
on Existing Equipm ent,
C r e d it ................... .........
954,561 29
Securities of Proprietary,
A ffiliated and Controlled
Companies, P led ged -----Miscellaneous Investments
Securities Issued or Assumed,
Pledged ------ ------. . . . .
Working Assets—
Loans and Bills Receivable
Net Balance Due from
Agents, Train Auditors
and Conductors ________
Miscellaneous A ccounts R e
ceivable .............................
Material and Supplies.........
Securities in Treasury,
Unpledged—
Securities of Proprietary,
Affiliated and Controlled
Companies -------------------Securities Issued or As
su m ed ......... - .....................
Marketable Securities.........
Accrued Income Not Due—
Unmatured Interest, Divi
dends and Rents R eceiv
a b le ..................- .................
Deterred Assets—
W orking Funds— Advanceil
Rents and Iusurance Paid
in A d v a n ce . . - ..................
Cash and Securities in Sink
ing
and
Redem ption
F u n d s . .............................
Cash and Securities lu Provi
dent F u n d s............. ..........
Other Deferred Debit Items
Total
■3208,870,017 00
52,464,444 22
144,800 84
2,609,245 06
3211,479,262 06
21,937,000 00
31,314,211 65.
52,913 22
224,505 59
1,252,615 08
2,955,420 57
55,799,666 11
55,187 78
538,043 00
178,884 39
722,115 17
110,000 00
541,277 99
33,038 79
969,380 53
106,225 72
97,534 50
1,247,457 53
•
7,879,238 81
3241,295,500 87
T H E C H R O N IC L E
O c t . 19 1912*]
L IA B IL IT IE S .
Capital Stock—
M. K . & T . R y . Co. Com
mon S to c k .....................
503,300,300 00
M. K . & T . lly . Co. Pre
ferred S tock ____________
13,000,000 00
Stock Subsidiary Companies
(p. 30 pamphlet rep ort)35,200 00
576,335,500 00
Funded Debt— (sec p. 30
pamphlet report) —
Outstanding ................-- --5131,305,500 00
Pledged to secure N otes—
21,937,000 00
521,000 00
In T reasury............... — -153,763,500 00
-5230,099,000 00
W orkina Liabilities—
5211,173 07
Goans and Hills Payable Traffic and Car Service
Balances Due to Other
129,717 31
C om p a n ies......................
Audited Vouchers Unpaid.
1,187,712 11
970,781 18
Audited VVage3 Unpaid —
Miscellaneous Accounts
152,611 46
Payable ............................
Matured Interest, Dividends
490,286 03
and Kents U npaid.........
$3,142,584 99
Deferred Liabilities—
Unmatured Interest, Divi
>1,083,763 77
dends and Kents Payable
304,573 31
Taxes A ccru ed -----------------Liability on A ccount of
108,374 99
P rovident L un ds----------58,760 66
Other Deferred Credit Items
1,555,472 73
4,698,057 72
Appropriated Surplus —
Additions to Property Since
June 30 1907 through
51,563,429 84
I n c o m e ...........- ................
Reserves Invested in Sink
ing
and
R edem ption
205,627 15
Funds -- - ........................
51,769,056 99
4,729,386 16
Profit and Loss Balance. ................................. 6,498,443 15
T o t a l..........................................: ________ ________ _________ $241,295,500 87
The Company Is also a guarantor, join tly with eleveu other
railway com panies, of Kansas City Terminal R ailw ay Com
pany First Mortgage U onds--------------- --------------------- ------------525,094,000
and join tly with three other railway companies of Joplin Union
Depot Company First Mortgage B on d s........................................
650,000
A D D IT IO N S AND B FT I'D R M 10NTS TO R O A D AN D IOQUIPM ENT
FOR T H E FISCAL Y E A R E N D ED JU N E 30TH 1912.
M . K . A T. M . K .A T .lip . Texas
11j . Co.
Co. of Tex. Central Illl.
Right of W ay and Sta
$4,252 10 $91,553 11
tion Grounds__ . . .
W idening Cuts and Fills 23,681 36
24,213 24
Protections of Banks
3,781 36
and Drainage__ ____
3,744 50
Grade Reductions and
1,696 29
Changes of L i n e - ___ *29,376 90
Bridges, Trestles and
22,181 40 53,571 16
C u lverts............
132,024 46
264 64
83,436 68
Increased W eight of Rail 45,378 35
Im proved Frogs and
S w it c h e s ______
367
89
Track Fastenings and
65,127 39
50,687 83
A p pu rten a n ces_____
5,452 61
Ballast ___________
- 140,199 55 153,670 35
7,330 27
A dditional Main T ra ck .
4,276 02
44,041 01
Sidings and Spur Tracks 114,295 79
9,324 00
72,254 02
Terminal Y ards......... .
41,437 27
Terminals at St. Louis,
M o__ _______________
92,992 56
Fencing Right of W a y .
3,842 73
169 49
Im provem ents of Cross
ings Over and Under
G r a d e _______ ______ 71.68
Interlocking Apparatus
223 68
1,510 56
' " 32 T 21
Block and Other Signal
2,551 72
A p p a ra tu s_____
2,591
69
Telegraph and Tele
19,415 32
phone Lines---- ------5,891 69
Station Buildings and
19,128 92
Fixtures .................
49,224 86
Roadw ay Machinery and
T ools___________
01
60
Shops, Engine Houses
445 50
and Turntables_____
6,746 55
44,542 76
Shop Machinery and
1,899 48
T o ols___________
8,915
24
3,311 02
W ater and Fuel S ta
2,554 78
39,060 04
tions
13,935 20
Other Additions and
18,083 57
Betterm ents _______
16,959 84
New Equipm ent A dded
to List__________
935
49
New Equipm ent for R e
placement _____
- - 360,809 11 150,433 71 45,072 87
Equipm ent Retired from
S e r v ic e _________ *280,895
12 *55,515 08 *43,120 80
Replacem ent
Value
Buildings Destroyed
*336 67
3,149 20
by F ire........... - ............*101,913 29
Total.
$95,805 21
47,894 60
7,525 86
♦27,680 61
157,777 02
129,079 07
703 94
121,815
299,322
11,606
167,661
113,691
22
51
89
40
29
92,992 56
4.012 22
71.08
2,055 45
5,143 41
25,307 01
72,664 81
61 60
51,734 81
35,043 41
935 49
556,315 69
*379,531 00
*102,100 76
$714,362 39 $803,458 11 $1 1,765 90 $1,559,586 40
T o ta l.
Purchase of securities of
D. B. & N. O. Ry . . .
..................................
. . .
243,500 00
q'otal increaso in cost
of property during
year .........................
_ .
. - 51,803,086 40
Credit.
M ILEAG E O P E R A T E D JU NE 30TH 1912.
Operated under
trackage or
operating
Owned. agreements. Total.
.1,663.03
81.38 1,741.11
.
The Denison Bonham & New Orleans Rail
road C om pany______________________
y
C o m p a n y ____________ _________ ____
308.72
21.15
Mileage in Missouri
Mileage in Kansas _
Mileage In T exa s______________ _
Mileage In L ou isia n a _____ _____
Total
192.43
—
9.82
T o ta l......................................................... ..........3,125.05 .
T R A F F IC A N D O P E R A T IN G STATISTICS FISC A L Y E A R E N D ED
JU N E 30T H 1912, C O M PARED W IT H JU NE 30T H 1911.
Increase or
Freight—
1912.
1911.
Decrease.
Average Mileage O p e r a te d --3,398.19
3,377
+ 21
Freight Train R e v e n u e . . . . $18,100,905 87 $18,184,663 74 — 583,757 87
Per cent of Gross R evenue
64.22
62.56
+ 1.66
Freight Train Revenue per
Mile of R o a d _______________
5,381 86
5,326 63
— 58.23
Freight Train Revenue per
Train M ile_________________
2 55
+ 0.05
2 60
Freight Train Revenue per
.1000
+ .0005
Revenue Car Mile (cen ts). .
.1005
— .15
2.23
Freight Train Revenue per Ton
2.08
Freight Train R evenue per
— .005
.0113
Ton per Mile (cen ts)____
.0108
+ 557,441
Tons Carried, R evenue Freight
8.105,406
8,722,847
Tons Carried One Mile, R eve
nue F reight_______
_
,075,674,860 1,005,999,502 + 69,675,353
Tons Carried One Mile per Mile
+ 17,538
o f Road, Revenue Freight
475,570
493,108
Tons per Train,
Revenue
Freight __________________
+ 15.63
225.00
240.63
Tons per Train, Including Com
pany’s Freiglit_____________
+ 6.79
266.14
272.93
Tons per Loaded Car, Revenue
Freight ___________________
+ .94
13.99
14.93
Tons per Loaded Car, Includ
ing Company’s F reig h t____
+ .38
16.55
16.93
Tons per L ocom otive, Revenue
Freight ___________________
+ 13.62
212.38
226.00
Tons per Locom otive, Includ
ing Com pany’s F reigh t___
+ 5.13
256.34
251.21
Average Miles each Revenue
Ton C arried_______________
— 4.58
192.10
196.68
Freight Train -Miles.__________
— 173,974
6,963,635
7,137,609
Freight Car Mileage__________
180,053,246
181,912,506 — 1,859,260
Loaded Car Mileage_________
112,228,722
114,833,258 — 2,601,536
Em pty Car Mileage___________
+ 745,276
67,824,524
67,079,248
Percentage of Em pty Car
Mileage ___________________
37.67
+ .80
36.87
25.86
Total Cars per Freight T rain. _
+ .37
25.49
16.12
Loaded Cars per Freight Train
+ .03
16.09
Em pty Cars per Freight Train
9.74
+ .34
9.40
Average Num ber Loaded Cars
14.33
per Train, North and East
+ .34
13.99
Average Number E m pty Cars
per Train, North and East.
+ .26
11.38
11.12
Average Num ber Loaded Cars
18.18
— .25
per Train, South and W est17.93
A veragc N um ber Em pty Cars
+ .39
7.68
8.07
per Train, South and W cst.
Passenger —
A verage Mileage O p e ra te d ___
3,398.19
8,220,408 83
Revenue fro m P assengers.. ..
Per cent o f Gross R evenue__
29.16
Passenger Service T ra in Reve
nue ______________________ 9,702,544 24
Passenger Revenue p er M ile
o f R o a d _________________
2,419 00
Passenger Revenue per T ra in
1.12
M ile ______________________
Passenger Service T ra in Reve
1.32
nue per T ra in -Mile....... ........
A verage Revenue fro m Each
1.44
Passenger _______________
Average Revenue per Passenger
.0235
per M ile (c e nts)__ ____ _
Passengers C arrie d_____ _. _
5,692,238
Passengers C arried One M ile . .
349,180,896
Passengers Carried One M ile
per M ile of R oa d__________
102,755
Average Distance C a rrie d ___
61.34
Passengers per T ra in M ile ___
47.62
Passenger T ra in M ile s. _•__ . .
7,331,978
Passenger Car M ileage_______
29,224,569
Total Traffic—
Gross O pe ra ting R evenue___ 28,186,719 11
Gross O p e ra ting Revenue per
M ile o f Road O p e ra te d ____
8,294 62
O p e ra ting Expenses............ ..... 21,205,848 70
O p e ra ting Expenses per M ile
o f Road O pera te d _________
C.240.33
N et O p e ra ting R evenue______ 0,980,870 41
N e t O perating Revenue per
2,054 29
M ile of Road O p e ra te d ____
Taxes A ccru ed ____________ „ 1,060,181 47
339 25
Taxes per M ile o f Road Owned
O pe ra ting Incom e (Taxes De
ducted) per M ile o f Road
1,731 91
O p e ra te d ________________
R atio o f O pe ra ting Expenses
to O p e ra ting R evenue____
75.23
1,311.76
303.72
24.15
9.82
+ 21
3,377
8,923,259 32 — 702,850 49
— 1.54
30.70
10,483,673 98 — 781,129 74
2,642 36
— 223 30
1.21
— .09
1.42
— .10
1.48
— .04
+ .0007
.0228
— 351,916
6,044,154
391,065,331 — 41,884,438
115,803
64.70
55.32
7,361,765
29,526,385
— 13,048
— 3.36
— 7.70
— 29,787
— 301,816
29,065,293 55 — 878,574 44
— 312 22
8,600 84
20,606,515 65 + 599,333 05
+ 138.31
6,102.02
8,458,777 90 —1477 907 49
2,504 82
1,005,648 69
322 13
— 450 53
+ 54,532 78
+ 17 12
2,205 07
— 473 16
70.90
+ 4.33
E Q U IPM E N T JU N E 30T H 1912.
14,120 34
55,550 68
1059
Passenger Service—
Chair C ars___________________ ________________ ___________ ________
Coaches _______________________ ZII_ZZZZZIIIZZI___________ . . .
Combination Coach and Baggage
Fruit and Refrigerator „
_
Combination Coach and Mall
..
Baggage Cars_____________ _
_
.. .
Express Cars______________________________
Dining C a r s ___________________________
Postal and M all_______________________
Sleepers___________________________________________________________
Combination Baggage and M a il.______ __________________________
T otal
________
86
188
16
13
34
85
4
7
24
2
19
478
Freight Service—
B o x ears_____ ____________________________________________________
13,440
Refrigerator Cars_________________________________________________
417
Furniture C a r s . ._________ _____ _______ ______________________ . 1,931
Stock C a r s _____ __________________________________________________
199
Stock Cars (M ather)______________________________________________
800
658
Combination Coal and Stock _________
Coal Cars______________________________________
5,822
F latC ars__________________________________________________________
1,104
Autom obile Cars_________________________________________________
>-(433
T otal
__________________________________________________________ 28,804
In Company Service—
Ballast Cars----------------------------------------------------------------------------------Officers’ C ars--------------------------------------------------------------------------------Caboose C a r s -------- ---------------------------------------------------------------------Other C a r s ______________________________________
T otal
__________________________________________________________
779
8
296
123
1,206
273.81
3,398.86
Total, All S ervice_______ _________________ _________________________ 26,488
. 512.88
- 416.25
. 703.90
.1,462.02
29.70
47.99
3.69
173.14
10.29
542.58
494.24
707.59
1,635.16
19.29
Locomotives—
Passenger S ervice— --------- ------------------------------------ -------------- . . .
Freight service--------------- -----------, _______________ _______________ _
S w itch in g ------------------------ -------------------------------------------------------------
3,125.05
273.81
3,398.86
T otal
_______________________ ________ __________________________
163
338
127
* 628
1060
T H E C H R O N IC L E
[V O L . LXX X X V .
GENERAL MOTORS COMPANY
R EP O R T FO R Y E A R E N D IN G J U L Y 31 1912.
” ' ^
To the Stockholders:
Detroit, M ichigan, October IQth 1^12.
'
■* ■ ■
Your directors submit the annual report of General Motors
Company and its subsidiary companies for the fiscal year
ending July 31 1912. A list of these companies showing
General Motors Company’s interest therein is given on page 16
of pamphlet report.
■
The income and profit and loss accounts comprise the
combined results of operation, proper adjustment having
been made so that these accounts include simply the share
of General Motors Company in the earnings and surplus
of the subsidiary companies.
INCOME ACCOUNT FO R Y E A R E N D IN G J U L Y 31 1912.
Net profits for year after deducting expenses o f ...............................................
m anufacture (including maintenance and d c - ...........................................
p red ation ), selling and administration as w e l l .......................................
as taxes, insurance and Interest on t e m p o r a r y ..........................
. .
loans ________________________________________ $4,838,4-18 55
General Motors Company proportion th ereof-------------------------- $4,746,756 50
Accrued interest 12 months on General Motors Company 6%
First Lien N otes____________________________________ _______
850,463 23
B a la n c e _________________________________ - .......................... $3,890,293 27
Preferred dividends for 12 months at rate o f 7 % --------------------- 1,040,210 51
U ndivided profits for 12 m onths---------------------- ............ ............$2,856,082 70
PR O FIT A N D LOSS ACCOUNT.
Profit and Loss Surplus July 31 1911------------------------------------- $1,240,175 20
Add undivided profits for 12 months ending July 31 1912, as
per Incom e A ccount a b o v e -------------------------------- ------------------ 2,856,082 70
$4,090,253 02
R eduction of inventory and assets as carried on books O cto
ber 1 1910, and liquidation losses (as explained below) _
2,833,063 14
Profit and Loss Surplus July 31 1912......... ......................... $1,262,591 88
*
FUNDED DEBT.
The sole outstanding funded debt of the Company July 31
1912 consisted of $12,452,000 6 % First Lien Notes, maturing
October 1 1915, being unpaid balance of the original issue
of $15,000,000 of these notes dated October 1 1910. On
October 1 1912 the Company was required to pay $1,500,000
to the Trustee of this Company’s 6 % notes for account of
sinking fund. The Company anticipated the payment of
$1,023,000 of this sum during July 1912, and since the close
of the fiscal year, and prior to October 1st, has paid $500,000
additional. The total amount, with interest thereon, was
applied by the Trustee to the purchase of $1,532,000 of
notes, thus leaving now outstanding $11,922,000 notes out
of the original issue of $15,000,000.
O T H E R IN D E B T E D N E S S .
Aside from these notes, the only other indebtedness of
the Company and its subsidiary companies on July 31 1912
consisted of current accounts payable of $2,853,021 77 and
notes payable $600,000.
The current accounts were the normal obligations for pay
rolls and merchandise necessarily incident to the large volume
of business being carried on by the Company. The $600,00o
notes payable are notes of the Weston-Mott Company which
were assumed by the General Motors Company in connection
with the purchase of the 50.2 per cent of the capital stock
of the Weston-Mott Company not already owned by General
Motors Company. $300,000 of said notes matured on Sep
tember 15 1912 and were paid. The remaining $300,000 of
notes mature September 15 1913.
W O R K IN G C A P IT A L .
The net profits of $4,838,448 55 tire after deducting $904,
The
net
working
capital as shown by the balance sheet of
822 12 for depreciation of buildings and equipment, in addi
tion to the ordinary expenses required to maintain the plants July 31 1912 amounted to $20,666,865 16, as follows:
Current Assets—
in good operating condition.
C a s h ________ _____________________________ __________________$3,080,920 98
The total profits from operation of the subsidiary com Notes ($262,273 33) and accounts receiva ble________________ 4,229,112 51
panies which were operated at a profit amounted to $5,770, In v e n to rie s _______ ____________ ________ ____________________ 17,578,360 15
422,730 13
177 90 (after deducting all expenses of General Motors Com Prepaid e x p e n s e s _____________________ _____ _______________
Total Current A ssets______________
.$25,311,135 77
pany), from which has been deducted $1,023,421 40 for
Less Current aiul Accrued Liabilities—
losses in the other subsidiary companies, leaving combined Current
accounts p a y a b le__________ _______ $2,853,021 77
net profits to General Motors Company, after deductions Notes payable (W eston-M ott C om pany)______
600,000 00
Interest,
taxes and pay-rolls accrued, not d u e - .
929,851 84
for depreciation, of $4,746,756 50, as given above in the
—
-------------- 4,382,870 01
Income Statement.
$20,928,259 10
The subsidiary companies operated at a profit, and which,
From which deduct amount reserved for three m onths' pro
as just explained, contributed net earnings of $5,770,177 90
portion of Preferred Dividend No. 8, payable N ov. 1 1912.
261,394 00
during the fiscal year just closed, did 88.72 per cent of the
Net working capital____________________________________ $20,600,805 10
total business of all the General Motors companies. These
same companies successfully carried through on time their
C APITA L E X PEN D IT U R E S .
entire manufacturing schedule and before the close of the
The following amounts were charged to capital account
fiscal year had sold their entire stock of cars.
These companies have also subjected their inventories during the year:
For additions to real estate, plants and equipment ----------- $2,124,184 82
to a rigid re-examination and scrutiny, as a result of which Less sundry adjustments in plant account, charged o ff to
Profit and Loss during year________________ ______________
-175,978 31
your officers have directed that an additional $1,444,967 91
be written off, substantially all of which represents the di
Net increase in real estate, plants and equipment account
during the ye a r............. - ______ ____ ________ __________ - $1,648,200 51
minished value of inventories and assets compared with book
values as carried on the balance sheet of October 1 1910.
About half of this expenditure was for additions to plant
This sum is included in the total of $2,833,663 14 deducted and equipment of the Cadillac Company (the output of the
from Profit and Loss Account above. These companies will Cadillac plant having risen from 10,000 cars in 1911 to 12,000
produce probably close to 95 per cent of your output during cars in 1912, with a schedule of 15,000 cars for the current
the coming year, and they will thus enter the new season year), the balance being distributed among the other com
with their manufacturing and sales organizations wholly panies.
T R A N SP O R T A T IO N D IF F IC U L T IE S .
relieved of the expense and embarrassment of having to
endeavor to salvage or utilize any semi-obsolete or undesir
It became apparent early last winter that the railroads en
able models or materials or products of any sort.
tering Detroit had signally failed to provide the transporta
The balance of the charge to Profit and Loss Account
tion necessary for the automobile factories of the Detroit
comprises $961,240 85 written off the inventories and assets
district. The result was a serious freight blockade which
of companies whose operations are not yet on a satisfactory
lasted for months. At one time one of your factories, lo
basis and $427,454 38 represents sundry adjustments in
cated immediately on the leading Detroit railroad, had in
plant account.
the streets in front of its factory nearly a million dollars
The policy of your directors as to these unprofitable com
worth of sold automobiles for which the purchasers were
panies is explained under the last caption of this report
pleading for immediate delivery. The managers of your
below.
plants were for weeks obliged to neglect their proper duty
It should be understood that substantially all of these
of operating their factories in order to devote themselves
adjustments (except the $427,454 38 above mentioned) apply
day and night to these transportation difficulties.
to conditions which existed October 1 1910, before your
Each of your subsidiary companies notified the rail
present board of directors assumed their duties, and to book
roads last summer of the number of freight cars with wide
values as they were then carried on the books. They have
doors which they would require per day during the present
no relation to this year’s profits.
manufacturing season, and it is noped that the comforting
The Condensed Consolidated Balance Sheet of General
assurances of the railroad officials then given may be borne
Motors Company and its subsidiary manufacturing companies
out by the experiences of the coming manufacturing season.
as of July 31 1912, will be found on next page.
GENERAL.
C APIT AL STOCK.
Since your present board of directors assumed active
The outstanding capital stock of the Company, not in control of your Company’s affairs, on Dec. 2 1910, study of
cluding stock held in its treasury and in the treasuries of its the conditions surrounding your several companies and pre
subsidiary companies, on July 31 1912, was as follows:
vailing in this industry has led them to the conclusion that
Preferred Stock 7% Cumulative.......................................... .$14,936,800 00
the small automobile factory is badly handicapped and will
Comm on S tock __________________________ __________ ________ 10,371,183 05 become more and more so year by year.
Accordingly, your directors have been gradually con
This represents an increase during the year of $543,300
Preferred and $548,853 05 Common Stock. Of this increase centrating the operations of the smaller companies with the
$520,000 preferred and $520,000 Common Stock were deliv larger and more profitable companies, or else, in some cases,
ered in part payment of the purchase (explained below) of eliminating the greater part of their machinery operations
and so turning these smaller companies into plants merely
outstanding capital stock of the Weston-Mott Company.
G ot . 19 1912]
T H E C H R O N IC L E
for the assembly and distribution of automobiles. This
policy was inaugurated cautiously, and necessarily has pro
ceeded slowly. The transfer of the manufacturing opera
tions has in most cases involved the completion of the entire
operations in hand at these smaller factories and also gen
erally the design of new models before the necessarily
standardized output of the larger factories could be utilized.
This process lias gathered momentum during the year just
closed, and will be continued in the case of several of the
companies during the coming year, the machinery of the
smaller plants being gradually concentrated at the larger
manufacturing plants.
The gross business of General Motors companies has
suffered no diminution in consequence of these changes, the
total for the ten months ending July 31 1911 amounting to
$42,733,303 27 and for the year just closed $64,744,496 02.
These changes, for example, have thrown the manufacture
of engines for these smaller companies into the large and
highly specialized engine plant of your subsidiary com
pany, tho Northway Motor & Manufacturing Company.
This policy is adding to the profits of the Northway Com
pany, and at the same time these smaller companies are
obtaining better engines than a small shop can hope to
design, at less cost than they could be produced in the
smaller factories.
It may be interesting to note in this connection that the
North way Company, which produced only 4,846 engines
for the ten months ended July 31 1911 and 10,430 for the
year ended July 31 1912, is scheduled to produce the coming
year 20,000 engines. This increase is due partly to the
policy spoken of, but also in large measure to the marked
improvement in, and present high quality of, the Northway
engine, which caused the available surplus productive
capacity of the North way factory to be sought by other
manufacturers far in excess of the Northway Company’s
maximum capacity which, at present, with some moderate
enlargements, just about completed, is 20,000 engines per
annum.
The task of developing the truck business has proved more
difficult than expected, but progress has been made, and it is
hoped that by tne close of the coming year your Company
may become an important factor in the production and sale
of both gasoline and electric trucks, and that thereafter the
business will be upon a profitable basis.
In the last annual report it was stated that the General
Motors Export Company had been organized to promote
the sale of your motor cars in foi’eign countries.
During
the fiscal year covered by this report the total volume of
exports of your companies has about doubled (beingapproximately $1,700,000, exclusive of Canada), and it is hoped
that this same rate of growth may be maintained during the
coming year.
Your directors were glad of the opportunity offered your
Company during the year to purchase the outstanding 50.2
per cent interest in the Weston-Mott Company. That
Company supplies the larger proportion of the axles used by
your subsidiary companies, besides, like the Northway
Company, disposing of a considerable proportion of its output
to outside companies. This outstanding interest was pur
chased at a reasonable figure; payment was made in part in
your preferred and common stocks. The addition to the
Good Will Account in the Consolidated Balance Sheet is on
account of this purchase.
The number of employees in your factories at the height
of the manufacturing season of 1911 was 11,474; in the
season of 1912, 16,584; and at the date of this report is
17,173. Your manufacturing operations for the current
season are more advanced than during either of the two
preceding years and the cash receipts for the first two months
of the new fiscal year were more than a million dollars ahead
of the corresponding period last year. Your leading factories
arc still unable to supply the insistent demands for im
mediate delivery, and at this writing a further substantial
increase for the coming year in your output and sales seems
practically assured. It is believed that this will be accom
panied by a gratifying increase in net profits.
— The Hibernian Banking Association, Bond D ept., Chi
cago, are offering by advertisement on another page Cudahy
Packing Co. first mtge. 5s, Swift & Co. first mtge. 5s, Morris
& Co. first mtge. 4j^s and Armour & Co. real estate first
mtge. 4J4js. The latter bonds are described at length in
the advertisement. The several issues offered yield a high
rate of return on the investment.
— S. W . Straus & Co., mortgage and bond bankers, Chi
cago, announce the opening of their Eastern office Nov. 1
1912, occupying the fifth floor of 1 Wall St., New York City.
This branch will be in charge of Mr. George L . W iley. It
will handle the business of S. W . Straus & Co. in New, York
Pennsylvania, New Jersey and the New England States
in first mortgage bonds on Chicago real estate.
— Kean, Taylor & Co., 30 Pine S t., have issued a circular
dated Oct. 15, directing attention to a list of railroad bonds
which, for one reason or another, are in disfavor, and in con
sequence arc selling at prices considerably below their real
va ue. With one exception the bonds arc all secured by
first mortgages and in almost every case are followed by
junior bond and stock issues.
1061
Your directors wish especially to thank your officers and
employees for the loyalty and remarkable energy with which
they have attacked the many difficult tasks confronting
them during the past two years.
By order of the Board of Directors,
TH O M AS N E A L ,
President.
1 -C O N D E N SE D CON SO LID A TED B ALA N CE SHEET
OF G E N E R A L M O TORS COM PANY AND S U B S ID IA R Y
C O M PA N IES • D IR E C T L Y CONNECTED W IT H TH E
M A N U F A C T U R E OF M O TOR CARS AN D
P A R T S . AS OF JU L Y 31 11)12.
STATEMENT
ASSETS.
Fixed Assets: real estate, plants and equipm en t____________ $19,280,888 99
Patents, agreements, e t c ____________________________________
1,871,436 20
Miscellaneous investm ents_____________________________ ______
560,499 50
Current and working assets:
Cash in banks and on ha n d _____
$3,080,920 98
Notes ($262,273 33) and accounts receiv’e . 4,229,112 51
In v e n to rie s ------------------------------------------------- 17,578,366 15
Prepaid expenses--------------------------------------422,736 13
_______________ 25 311 135 77
Good-will, representing excess o f appraised value over book
’
value of capital stocks of subsidiary com panies owned,
less reserve-------------------------------------------------------------------------- 7,934,198 14
T o ta l------------------------------------- ------------------------------------------$54,958,158 60
L IA B IL IT IE S .
Capital Stock:
Preferred stock (authorized $20,000,000)
issu ed--------------------------$18,038,400 00
Less: In treasuryof General
Motors C o------------------------$1,322,000 00
In treasury o f subsidiary
co m p a n ie s ......... ............... 1,779,600 00
---------------------- 3,101,600 00
Common stock (authorized $40,000,000)
iss u e d ______________________ _____________$19,874,030 00
Less: In treasury of General
Motors C o_______________ $3,173,146 95
In treasury of subsidiary
c o m p a n ie s ______________
329,700 00
---------------------- 3,502,846 95
$14,936,800 00
16,371,183 05
T otal in hands o f the p u b lic________________ _______$31, 307,983 05
Funded Debt:
6% First Lien F ive-Y ear Sinking Fund Gold N otes_____ $12 452,000 00
Outstanding Capital Stock (par value) and surplus o f sub
sidiary com panies, being the portion not owned by Gen
eral Motors Co.:
C ap ita lS tock ------------------------------------------$578,000 00
Surplus----------------------413,838 50
991,838 50
Current Liabilities:
A ccounts P ayable--------------------------------------- $2,853,021 77
600,000 00
Notes Payable (W eston-M ott C o .)------------Interest, Taxes and Pay Rolls A ccrued, not
d u e _________________
929,854 84
4,382,876 61
Reserve for three months' proportion o f Preferred Stock
Dividend N o. 8 payable Novem ber 1 1912-----------------------261,394 00
Reserves for special purposes------------------------ $4,299,471 56
Surplus_____ ____ _________________ _________
1,262,594 88
5,562,066 44
T o ta l............................................................................................$5 4 ,9 5 8,1 58 60
STATEMENT
2—
INCOME ACCOUNT F O R
JU L Y 31 1912.
YEAR
E N D IN G
Net Profits for year after deducting expenses
o f manufacture (including maintenance and
depreciation), selling and administration jus
well as taxes, insurance and interest on
temporary loans__________________________ $4,838,448 55
General Motors Company proportion thereof----------------------- $4,746,756 50
Accrued interest 12 m onths on General Motors Company
6% First Lien N otes_____________________________________
850,463 23
B a la n c e ________________________________________________ $3,896,293 27
Preferred dividends for 12 months at rate of 7 % ......... ............
1,040,210 51
Undivided profits for 12 m o n t h s .._____ _______________ $2,856,082 76
STATEMENT
3— P R O F IT
AND
LOSS
A CC O U N T.
Profit and Loss surplus July 31 1911------------------------------------ $1,240,175 26
Add undivided profits for 12 months ending July 31 1912, per
income account a b o v e____________________________________
2,856,082 76
$4,090,258 02
Reduction o£ Inventory and assets as carried on books O cto
ber 1 1 9 1 0 and liquidation losses----------- ---------------------------
2,833,663 14
Profit and Loss surplus July 31 1912__________________ $1,262,594 88
— Under the name of J. M. Dewberry & Co., investment
bankers and dealers in bonds, stocks, mortgage loans, com
mercial paper and real estate, J. M. Dewberry has organized
a bond and investment business with offices in the BrownMarx Bldg., Birmingham, Ala.
Mr. Dewberry is Vice
President of the Birmingham Ensley & Bessemer R R . Co.
(Tidewater Line), now in operation from Birmingham to
Ensley and under construction to East Lake and to Bessemer.
See “ Chronicle,” issue Sept. 21, page 749.
— Kidder, Peabody & Co. of Boston and New York, are
to-day publishing in our advertising columns as a matter of
permanent record their offering of $10,000,000 New England
Telephone & Telegraph Co. 5 % bonds, due 1932, which were
several times over-subscribed when the subscription list were
closed last Thursday afternoon. For the general particulars
of the sale, see the advertisement in this issue, and for further
facts regarding the property consult our “ General Invest
ment News” Department.
• — Mackay & Johnson, specialists in Brooklyn and Long
Island securities, 15 Wall St., New York, announce that they
have succeeded to the business of C. E . Mackay & Co.
1062
T H E C H R O N IC L E
ggfoe (jpflm m m ial
C O M M E R C IA L
% im z s
E P IT O M E .
[V O L . L X X X X V .
C O T T O N .
F r i d a y N i g h t , O c t. 18 1912.
T H E M O VEM EN T OF T H E CROP, as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
500,942 bales, against 421,208 bales last week and 460,366
bales the previous week, making the total receipts since
Sept. 1 1912 2,315,432 bales, against 2,499,323 bales for the
same period of 1911, showing a decrease since Sept. 1 1912
of 183,891 bales.
^
F r i d a y N i g h t , O c t. 18 1912.
Trade is still active despite the war cloud in Southeastern
Europe. There is a growing belief that it will not be allowed
to spread and involve the big Powers. Transactions stead
ily increase on the basis of remarkable crops of grain, fruits
and vegetables in some cases transcending anything ever
before known. Prices, in many instances', have advanced.
Sat.
Receipts at—
M on.
Total.
F ri.
Tues.
Wed. | Thurs.
The disposition is to restrict speculation. Most of the busi
ness is of a strictly legitimate kind. The iron and steel in G alveston______ 29,013 37,870 51,536 88,982 23,419 17,244 182,064
Texas C ity_____ 10,886
3,095
36,968
7,756
8,336
7,095
dustry as a barometer of the times is in very favorable con Aran.
____
7,008
Pass, dee. 18~302 25,310
7,787
8,778 12,077
dition. Exports of wheat arc large. The weather is favor New Orleans----9,888 l o 'o o s
8,717 55,312
1,065
3,105
o b i l e __ ____
3,488
1,999
2,236
1,141 12,974
able for moving crops. Everywhere the feeling is hopeful. M
Jacksaw ille, dec.
1,206
1,206
L A R D has been quiet with prime Western $12 50, refined Savannah --------- 12,878 14,886 12,875 13,772 17',079 12,031 81,361
B
ru
n
sw
ick
_____
10,500
16,500
6,000
Continent $12 70, South American $13 35, Continent $12 70,
7,845
4,240
3,995
C h a rleston .........
3,820
5,536
4,039 25,484
Brazilian $14 35. Speculation has been active and at times Wilmington ____
5,219
4,674
5,541
3,979
2,093
4,485 25,991
4,993
8,264
7,779
6,514
5,436
4,642 33,628
excited, being more or less affected by the European war N orfolk _______
____
____
____
____
____
N ’port News, dec.
1,863
1,863
news and the grain markets. A t times strong prices B oston__________
102
52
154
—
—
2,127
—
2,127
have latterly reacted with heavy selling for long ac Baltimore _____
count, partly owing to weaker grain markets. Offerings Totals this w eek. 880,129 73-882 115,039 75,026 75,017 81,849 500,942
of lard and ribs of late have been liberal, evidently emanating
The following shows the week’s total receipts, the total
from packers. Y et at times larger packers have given sup
since S e p t.l 1912, and stocks to-night, compared with 1911:
port to Oc ober and November lard. The cash business at
the W est has been fairly good.
Stock.
1911.
1912.
D A IL Y CLOSING PR ICE S
Sat.
O ctober d e liv e ry ,_ cts .
D ecem ber d e liv e ry ____R ollJanuary d elivery______ day.
May delivery_________
OF L A R D FU T U R E S
M on.
Tues.
Wed.
11.82*3 11.80
11.70
11.40
11.57*3 11.42*3
11.10
11.17*4 11.10
10.60
IN C H I C A G O .
Thurs.
Fri.
11.60
11.57*3
11.25
11.25
11.00
10.97*4
10.62*4 10.52*4 10.42*4 10.42*4
P O R K irregular; mess, $19 2 5 @ $ 1 9 75; clear, $ 2 2 @ $ 2 4 50;
family, $ 2 2 @ $ 2 3 . Beef firm; mess $ 1 7 @ $ 1 8 ; packet, $ 1 8 @
$19; family, $ 2 2 @ $ 2 2 50; extra India, $ 3 6 @ $ 3 6 50. Cut
meats stronger; pickled hams, 1 0 @ 2 0 lbs., 1 3 ^ @ 1 3 % c .;
pickled bellies, 6 @ 1 2 lbs., 1 4 ^ 0 . Butter, creamery extras,
31c. Cheese, State, whole milk, new white specials, 173^ @
1 7 ^ c . Eggs, fresh gathered, extras, 3 1 @ 3 4 c .
O IL .— Linseed steady. City, raw, American seed, 64c.;
boiled 65c., Calcutta 75c. Cottonseed oil weaker.
Winter
6 .7 0 @ 7 .6 0 c .; summer-white 6 .3 0 @ 7 c . Cocoanut oil firm;
Cochin 1 0 % @ l l c . ; Ceylon 9 ^ @ 9 ^ c .
Chinawood steady
at 9 @ 1 0 c . Corn easier at 5 .8 5 @ 5 .9 0 c . Cod steady at
4 2 @ 4 4 c . for domestic.
C O FFEE has been somewhat easier and at the same time
has met with only a moderate demand. This applies to
futures more particularly. Spot coffee has latterly been
steady with No. 7 1 5 ^ c . Mild has been steady with a
routine demand; fair to good Cucuta 1 6 % @ 1 7 c .
Specula
tion in coffee futures has been, as a rule, on a limited scale,
and prices, both at home and abroad, for a time declined.
Of late, however, they have shown more steadiness, in
response to some advance in Europe. Rains have pre
vailed in the State of Sao Paulo and they are said to have
been detrimental to the crop. Closing prices were as follows:
O ctober - - 1 4 .2 7@ 14 .29 1February .14.13 @14.151 J u n e --------14.39@ 14.40
N ovem b er. 14.22@ 14.24 [M a rch ------ 14.28 @ 14.29) Ju ly---------- 14.40@14.41
December 14.14@ l4 .1 5 | A oril_____ 1 4 .3 3 @ 1 4 .3 5 1August _ - . 14.41@ 14.42
January _.14.14@ 14.15|M ay____ 14.38@ 14.39 1September. 14.43@ 14.44
S U G A R .— Raw quiet but firm. Receipts at Atlantic
ports for the week were 30,363 tons, as compared with 35,360
last week and 42,857 in 1911. The weather has been good
for ripening and sweetening the cane in Louisiana the past
week. Centrifugal, 96-degrees test, 4.11c.; muscovado,
89-degrees test, 3.64c.; molasses, 89-degrees test, 3.36c.
Refined was quiet; granulated 4.90c.
P E T R O L E U M .— Refined quiet with prices practically
unchanged. Barrels, 8.35c.; bulk, 4.65c., and cases, 10.25c.
Naphtha steady and in good demand; 7 3 @ 7 6 degrees, in
100-gallon drums, 22c.; drums $8 50 extra. Spirits of tur
pentine 4 1 }^ @ 4 2 c . Common to good strained rosin $6 55.
TO BACCO.— Binder has met with a good demand. Filler
quiet. The supply of filler is quite liberal, while the demand
is anything but pressing. The binder crop of 1912 has
already been pretty well absorbed in Wisconsin and Connecti
cut. Sumatra meets with only the ordinary trade demand,
there being no desire apparent to anticipate future wants
to any large extent. Cuban leaf meets with the usual demand
for this season of the year and prices are steady. Taking
the tobacco market as a whole it lacks activity at the present
time, but there is a growing conviction that in the not very
distant future transactions will increase, as it is obvious that
manufacturers who have for a long period bought on a very
restricted scale cannot be carrying very plentiful supplies,
and with the growth of general trade in this country it is
argued that the tobacco business must soon begin to keep
pace with other branches of trade.
C O PPER, after declining, has latterly become firmer, with
Lake 1 7 ^ @ 1 7 ^ c . and electrolytic 1 7 % @ 1 7 ^ c .
London
quotations have been stronger, and speculation has shown
rather more life, partly, it is said, because of the declaration
of peace between Italy and Turkey. Tin reacted, but of
late has been firmer though quiet at 4 9 % c . London quo
tations have also become firmer. Lead in better demand
and firmer at 5.10c., spelter 7.55c. Iron and steel have
been firm, with most mills practically sold up for six months
to come. In some cases prices are higher. Bars 1.35c. Rails
are less active after the recent large business. Northern
Forge $ 1 6 @ $ 1 6 .2 5 at furnace.
Receipts to
October 18.
This Since Sep
1 1911.
Week.
This Since Sep
1 1912.
Week.
1912.
1911.
937,414
107,627
13,521
149,718
75,752
22,860
7,435
707,541
83,355
125,063
135
127,236
131,801
512
362
707
.8,224
345,650
66,004
1,478
106,810
33,414
170,075
34,636
T o ta l__________ 500,942 2,315,432 473,532 2,499,323
G alveston----------- 182,064 1,132,668 141,155
178,061 43,p28
Texas C ity______ 36,968
57,140
Aransas Pass, dec. 25,310
155,380 44,065
New Orleans____ 55,312
49,409 18,766
M o b i l e __________ 12,974
_ .
3,695
P ensacola----------1,917
2,860
1,206
Jacksonville, & c.
337,810 119,260
Savannah_______ 81,361
69,200 23,200
B ru n sw ick______ 16,500
105,095 19,063
C harleston______ 25,484
Georgetown _
113,434 29^250
W ilm ington ____ 2 5'6 6i
100,238 30,392
Norfolk
146
1,863
4,317
N ’port News, &c_
New York _ _
1,165
“ 448
154
B o s t o n --------------2,842
2,127
4,954
Baltim ore_______
—
P h ila d elp h ia -----............
—
87,793
39,864
“ 753
145,828
6,263
46,355
294,777
6,399
48,529
18,347
42,431
21,442
33,204
127,568
1,593
4,960
6,757
78*. 53 2
2,642
3,184
3,272
954,151
734,339
W e give below the totals at leading ports for six seasons:
1912.
1911.
1909.
1908.
1907.
Galveston —
TexasCity.dec.
New Orleans .
M o b ile ...........
Savannah ___
Brunswick___
Charleston, dec
W ilm ington . .
N o r fo lk _____
N ’ port N ., <Scc
All others------
182,064
62,278
55,312
12,974
81,361
16,500
25,484
25,991
33,628
1,863
3,487
166,263
141,155
43,028 I 35,215
51,333
44,065
15,046
18,766
80,953
119,260
8,153
23,200
19,063
21,801
26,007
29,250
37,576
30,392
146
328
9,187
5,207
105,307
19,453
74,897
14,047
115,108
22,700
16,113
26,611
37,115
289
19,259
156,893
11,598
68,708
15,734
80,691
9,482
14,182
25,055
25,151
114
12,013
66,766
149
58,842
14,761
91,378
4,618
15,637
34,723
27,147
169
1,796
Total this w k .
500,942
473,532
450,809
419,621
315,986
Receiptsa—
| 1910.
451,952
Since Sept. 1 . 2,315,432 2,409,323 2,128,451 2,406,810 2,154,454 1,564,437
The exports for the week ending this evening reach a total
of 324,252 bales, of which 177,476 were to Great Britain,
51,092 to France and 95,684 to the rest of the Continent.
Week ending Oct. 18 1912.
Exported to—
Exports
from—
Galveston..
Texas Clty.
Aransas
Pass, dec.
New Orl’nsM oblle___
Ppnsopnln
Savannah. .
Brunswick _
Charleston _
Wilm’ton - .
Norfolk. - - _
New York.
B oston___
Baltimore..
Phlladel’a -.
San Fran. .
Pt. Towns’d
Conti
Great
Britain. France. nent.
Total.
From Sept. 1 1912 to Oct. 18 1912
Exported to—
Great
Britain.
France.
90,893 9,422 20,819
22,489 10,631 ..........
8,509 5,000 11,000
14,750 5,883 2,646
2,600 3,435
121,134
33,020
364,032
73,743
107,955
38,487
24,509
23,279
6,035
17,155
13,643
3.435
20,024
10,930
" 8 ,793 " 5,666 5,600
10,060 10,323 12,390
14
" 7 ,878 ' 1,498 3,402
_____
7,401
877
1,000
1,000
2,557 ..........
5,971
1,011
..........
20,624
10,930
19,383
33,319
14
12,778
7,401
1,877
3,557
5,971
1,011
18,875
33,754
8,141
3,695
24,787
31,057
20,493
28,955
_____
68,391
31,775
2,496
8,389
_____
- ........
718,483
"13,871
_____
5,000
22,238
_____
7,815
_____
..........
—
—
Conti
nent.
255,118
..........
11,200
17,276
76,956
29,147
20,600
41,046
5,314
47,878
423
15,505
1,000
15,751
1,450
Total.
727,105
112,230
47,230
64,673
11,576
3,695
115,608
60,204
46,093
92,239
5,314
124,084
32,198
18,001
9,389
15,751
1,450
229,599 538,658 9,486,840
Total----- 177.476 51,092 95,684 324,252
Total 1911. '151,488 51,874!130,381 342,7431 822,792 233,420 714,323 1,770,535
Note.— New York exports since Sept. 1 include 11,367 bales Peruvian to Liverpool.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. ________
On Shipboard, Not Cleared for—
Oct. 18 at—
Other
Ger
Coast- ,
Great
Total.
Britain. France many. Foreign wise.
3', 666
3,000
50 32,933
2,220 155,382
28,761
8,000
i",666 13,300
23,000 28,000
7,100
46,000
73,877
190,268
117,067
38,355
20,114
14,431
120,408
60,155
51,903
48,462
16,500
26,876 319,476
17,036 250,081
27,781 250,541
634,675
484,258
400,661
8,874
34,941
2,088
2",666
20,000
0,491
49,128
11,373
5.000
3,304
2,690
5.000
1,800
"300
1,000 22,000
Total 1 9 1 2 .. 97,799
Total 1911. _ 92,616
Total 1 9 1 0 .. 91,850
38,742 104,156
27,008 04,959
44,827 69,523
New O rleans..
G a lv e sto n ____
Savannah ____
Charleston-----M o b ile ..............
N o r fo lk ---------New Y o r k -----Other p o r t s .. .
9,031
49,528
8,000
3,000
6,240
8,487
19,559
7,300
Leaving]
Stock.
Oot. 19 1312.]
THE
C H R O N IC L E
Good mid tlngcd.c. Even
Strict mid. tinged..0.15 oil
Middling tinged.. .0.30 off
Strict low mid. tlng.0.80 off
Low mid. tinged__ 1.00 off
Middling stained__ 0.90 off
T h e o f f i c i a l ( [ n o t a t i o n f o r m i d d l i n g u p l a n d c o t t o n in t h e
N e w Y o r k m a r k e t e a c h d a y fo r th e p a s t w e e k h a s b e e n :
O c l . 12 l o O c l . 18—
Sat.
Middling u p lands........................ II.
N E W
YO R K
1012.C_____ 10.95
1011..............0.35
i '.) I <i . . .
14.46
1009..............13.05
1008.............. 0.30
1007..............11.75
1006
M /::,
1905_______ 10.00
Mon.
10.00
Q U O T A T IO N
Tues.
10.7a
FOR
W e d . Thurs.
10,75 10.75
32
Frl.
10.95
Y E A R S.
1888.c _____ 9.69
1004.c ..........10.35 1806.c _____ 7.91
1895_______ 0.25
1002.............. 8.70 1804.............. 5.94 1886.............. 9.31
1000..............
1809..............
1 8 9 8 ............
1807..............
0.91
7.38
5.44
6.10
1892.............. 8.12
1891..............8.44
1890..............10.25
1889..............10.56
1884............- 9.94
1883_______ 10.56
1882_______ 11.25
1881.
.11.50
M A R K E T A N D SALES AT N E W Y O R K .
T l i e t o t a l s a l e s o f c o t t o n o n t h e s p o t e a c li d a y d u r i n g t h e
w e e k a t N e w Y o r k a r e in d i c a t e d in t h e f o l l o w i n g s t a t e m e n t .
F o r tiie c o n v e n i e n c e o f t h e r e a d e r w e a l s o a d d c o l u m n s w h ic h
s h o w a t a g l a n c e h o w t h e m a r k e t f o r s p o t a n d f u t u r e s c lo s e d
on sam e d a y s.
Saturday.
M onday-----Tuesday . . .
W ednesday.
Thursday - F riday_____
S pot M a rket
C lo sed .
F u tu re s.
M a rk et
C lo sed .
H O L I D A Y ...
Quiet, 10 pts. d c c .
Qulet, 15 pts. d e c ..
Quiet ----------------Quiet .
_____ __
Steady, 20 pts. adv
S teady------------W ea k _________
Barely s te a d y ..
Very stea d y__
S teady................
T otal.
SALES
S p o t.
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Fair.................. c.1.50 on Middling--------- c_ Basis
Strict mid. fair___1.30 on Strict low mid....... 0.35 off
Middling fair_____ l.lO on Low middling___ lO.SOoff
Strict good mid___0.08 on Strict good ord___ 1.-10 off
Good middling___0.46 on Good ordinary___ 2.15 off
Strict middling___0.21 on Strict g'd mid. tgd.0.35 on
b b
-4 -1
p rice s
Frida
Oct.
o w i n g l a r g e l y to f e a r s o f f r o s t in T e x a s o v e r S u n d a y a n d la r g e
b u y in g b y L iv e r p o o l h e r e , p a r t ly o n s tr a d d le s a n d p a r t ly ,
a p p a r e n t ly , a s s t r a ig h t -o u t “ lo n g ” b u y in g o n th e id e a th a t
t h e p r i c e is lo w e n o u g h , t h a t t h e B a l k a n w a r is n o t li k e ly to
s p r e a d a n d t h a t t r a d e is a n d w ill c o n t i n u e t o b e g o o d .
Spot
c o t t o n c lo s e d a t 1 0 . 9 5 c f o r m i d d l i n g u p l a n d s , s h o w i n g a d e
c lin e f o r t h e w e e k o f f i v e p o i n t s .
T h e r a t e s o n a n d o f f m i d d l i n g , a s e s t a b l i s h e d S p t . 11 1 9 1 2
b y th e R e v is io n C o m m it t e e , a t w h ic h g r a d e s o th e r th a n
m id d lin g m a y b e d e liv e r e d o n c o n t r a c t , a r e a s fo llo w s :
F U T U R E S .— T h e h i g h e s t , lo w e s t a n d c lo s in g
N e w Y o r k th e p a s t w eek h a v e b e e n a s fo llo w s :
10
S p e c u l a t i o n in c o t t o n f o r f u t u r e d e l i v e r y h a s b e e n m o d e r
a t e l y a c t i v e a t a g r a d u a l d e c li n e o f p r i c e s .
T h is w a s d u e to
g e n e r a l l y f a v o r a b l e w e a t h e r , la r g o r e c e i p t s , w a r n e w s f r o m
S o u t h e a s t e r n E u r o p e , a r e n e w a l o f s e l l i n g b y la r g e s p o t in
te r e s ts a n d s t e a d y a n d p e r s is te n t h e d g e s e llin g o n a c o n s id e r
a b l e s c a le b y t h e S o u t h .
T h e m o v e m e n t o f t h e c r o p in
T e x a s h a s c o n t i n u e d la r g e — s o l a r g o , i n d e e d , t h a t t h e t e n
d e n c y li a s b e e n t o in c r e a s e t h e c r o p e s t i m a t e s .
S p in n e r s ’
ta k in g s a re b e g in n in g to s h o w a n o t e w o r t h y d e c r e a se a s c o m
p a r e d w i t h th o s e o f l a s t y e a r .
T h e e x p o r t s a re a ls o r u n n in g
c o n s i d e r a b l y b e h in d t h o s e o f l a s t s e a s o n .
I t is e x p e c t e d
t h a t t h e c r o p s o f c o t t o n in I n d i a , E g y p t , R u s s i a a n d C h in a
w ill b e n o t i c e a b l y la r g e r t h i s y e a r t h a n t h e y w e r e l a s t y e a r ,
a n d t h e in fe r e n c e d r a w n f r o m t h i s is t h a t E u r o p e w ill b o a p t
t o p u r c h a s e A m e r i c a n c o t t o n le s s f r e e l y t h a n it d id l a s t s e a s o n ,
w h e n , f o r o n e c a u s e o r a n o t h e r , it w a s m o r e t h a n u s u a l l y
d e p e n d e n t o n A m e r ic a fo r s u p p lie s .
A g o o d d e a l o f stre ss
h a s b e e n la id o n t h e o u t b r e a k o f w a r b e t w e e n T u r k e y a n d
M o n te n e g ro a n d B u lg a r ia , a n d re p o rts th a t T u r k is h tro o p s
h a d crossed th e S e r v ia n fr o n t ie r .
T h i s a p p r e h e n s i o n w a s in
s o m e d e g r e e f o s t e r e d e a r l y in t h e w e e k b y t h e s e m i - p a n i c k y
c o n d i t i o n s o n t h e P a r is a n d B e r li n b o u r s e s , a s w e ll a s a
s h a r p fa ll in B r i t i s h C o n s o l s , w h ic h a r e s a i d t o h a v e r e a c h e d
t h e l o w e s t p r i c e w it n e s s e d f o r a c e n t u r y .
In
L iv e r p o o l,
m o r e o v e r , t h e r e h a s b e e n g e n e r a l l i q u i d a t i o n , p a r t l y in c o n s e
q u e n c e o f t h e u n s e t t l e d c o n d i t i o n s in E u r o p e a n s t o c k m a r k e t s .
T h e C o n t i n e n t h a s b e e n a h e a v y s e lle r in L i v e r p o o l a t t i m e s ,
p a r tly o n s to p o rd e rs.
R u m o rs w ere c u rr en t, to o , th a t T u r
k e y h a d c a n c e le d s o m e o r d e r s f o r c o t t o n g o o d s .
T h e b ig
m o v e m e n t o f t h e c r o p in t h i s c o u n t r y , m o r e o v e r , h a s f o u n d
s p in n e r s c o m p a r a t i v e l y i n d i f f e r e n t , a s t h e y a r e a p t t o b e in
tim e s o f fa llin g p r ic e s .
T h e r e c e ip t s e a s t o f t h e M is s i s s ip p i
R i v e r a r e b e g i n n i n g t o in c r e a s e .
A t t e n t i o n is c a l l e d to t h e
f a c t t h a t b o t h v i s i b le a n d i n v i s i b l e s t o c k s o f c o t t o n , a t h o m e
a n d a b r o a d , a r c v e r y m u c h la r g e r t h a n t h e y w e r e a y e a r a g o .
R a l l i e s in p r i c e s h a v e c o m e m a i n l y f r o m t h e c o v e r i n g o f
sh o rts.
O n th e o th e r h a n d , th e p ric e h a s a lr e a d y h a d a v e r y
s e v e r e d e c l i n e , t h e s h o r t i n t e r e s t is b e l i e v e d t o b e l a r g e a n d
th e r e a r e t h o s e w h o t h i n k t h a t t h e w o r l d ’ s c o n s u m p t i o n o f
A m e r i c a n c o t t o n w ill b o f u l l y a s la r g e a s t h a t o f l a s t y e a r .
L iv e r p o o l, M e m p h is , W a ll S tre e t a n d W a ld o r f-A s to r ia o p e r
a t o r s h a v e f r o m t i m e t o t i m e b o u g h t w i t h m o r e o r le s s f r e e
dom .
S o m e o f th e W a ld o r f e le m e n t a r e b e lie v e d to v ie w th e
m a r k e t m o re f a v o r a b ly th a n fo r m e r ly , o n th e g r o u n d th a t
th e p r o s p e r o u s t i m e s , c o in c id e n t w it h b o u n t ifu l c r o p s , a re
b o u n d to r e a c t fa v o r a b ly u p o n th e c o tto n tra d e s o o n e r o r
la te r .
T h e r e is a n i d e a , t o o , t h a t t h e s h o r t in t e r e s t is b e in g
o v e r - e x t e n d e d f r o m t h e u n i v e r s a l i t y o f b e a r i s h s e n t i m e n t in
th is c o u n t r y a n d a b r o a d .
I t is a r g u e d t h a t t h e d r y g o o d s
t r a d e is in a v e r y p r o s p e r o u s c o n d i t i o n o n b o t h s id e s o f t h e
A t la n t i c , a n d t h a t s p in n e r s , h a v in g b o u g h t fr o m h a n d to
m o u t h fo r s o m e little tim e p a s t , m u s t e re lo n g r e -e n te r th e
m a rk e t.
O f la te s o m e o f th e s p o t h o u se s h a v e b o u g h t to a
c e r ta in e x t e n t .
M o r e o v e r , w e h a v e n o w a r r iv e d a t a s e a s o n
w h e n k il lin g f r o s t h a s o c c u r r e d in p a s t y e a r s .
I t m a y occur
n o w a t a n y tim e .
Tt is a l s o p o i n t e d o u t t h a t t h e e n d i n g o f
t h e w a r b e t w e e n I t a l y a n d T u r k e y is n o t u n l i k e l y t o b e f o l
lo w e d b y a la r g e r s a l e o f c o t t o n g o o d s t o A s i a t i c m a r k e t s
h i t h e r t o c lo s e d b y
th a t w a r.
T o -d a y
p r ic e s a d v a n c e d ,
1063
0t«2
53
o
1 w
1 Cl
1 2
T H E V I S I B L E S U P P L Y O F C O T T O N to -n ig h t , a s m a d e
u p b y c a b l e a n d t e l e g r a p h , is a s f o l l o w s .
F o re ig n s to c k s ,
a s w e ll a s t h e a f l o a t , a r e t h i s w e e k ’ s r e t u r n s , a n d c o n s e
q u e n t ly a ll fo r e ig n fig u r e s a r e b r o u g h t d o w n to T h u r s d a r
e v e n in g .
B u t to m a k e th e t o t a l th e c o m p le te
fig u r e s fo
t o -n ig h t ( F r id a y ) , w e a d d th e it e m o f e x p o r t s fr o m th e
U n i t e d S t a t e s , i n c l u d i n g in i t t h e e x p o r t s o f F r i d a y o n l y .
.
1912.
519,000
11,000
46,000
1011.
294,000
7,000
17,000
1910.
379,000
6,000
14,000
1009.
627,000
9,000
33,000
.
H am burg..............
Bremen — ............. .........
.
H a v re ----------------Marseilles..............
B a r ce lo n a ...........
G en oa....................
T rie s te ..................
576,000
8,000
........
150,000
95,000
2,000
1,2000
3,000
5,000
318,000
12,000
67,000
62,000
2,000
13,000
13,000
4,000
399,000
10,000
51,000
80,000
2,000
8,000
20,000
2,000
669,000
11,000
125.000
175.000
2,000
8,000
15,000
3,000
339,000
O c t o b e r 18.
Stock at L iverp ool-----------Stock at L o n d o n ...............
Stock at M anchester..........
Stock
Stock
Stock
Stock
Stpck
Stock
Stock
at
at
at
at
at
at
at
T otal Continental stock s......... .
275,000
173,000
173,000
.
T otal European s to ck s. .
India cotton afloat foe E urope—
Am er. cotton afloat for Europe - .
E gypt,Brazil,& c.,aflt.for Europe-.
.
Stock in Alexandria, E gypt
.
Stock in Bom bay, In d ia __
.
Stock in U . S .ports ............
.Stock in U. S. interior to w n s ------.
U. S. exports to -d a y ..............
851,000
54,000
878,039
44,000
139,000
298,000
951,151
445,118
75,596
491,000
18,000
989,542
30,000
70,000
254,000
743,339
503,157
41,809
572,000 1,008,000
62,000
31,000
743,521
865,417
36,000
58,000
104,000
98,000
206.000
100,000
651,202
842,972
474,340
390,627
52,398
16,498
.3,739,804 3,131,847 2,803,848 3,508,027
T otal visible su p p ly..............
m and other descriptions arc as follows:
Of the above, totals of Am e
American—
302,000
191,000
544,000
Liverpool s to ck . ....................bales . 376,000
.
33,000
27,000
11,000
11,000
Manchester s to c k ............. ..
. 250,000
139,000
315.000
135,000
Continental s to c k ................
743,521
865,417
989.542
American afloat for E urope......... . 878,939
842,972
734,339
651,202
U . S. port s to c k s ........... - ................ 951,151
474,240
503,157
390,627
U . S. interior stocks - ................... 445,118
75,506
52,398
41,809
16,498
U . S. exports to -d a y .......................
75,596
.3,012,804 2,605,847 2,253,848 3,121,027
T otal A m e r ic a n --------------East Indian, Brazil, & c.—
83,000
103,000
77,000
LIverpool s to c k .................................. 143,000
7,000
9,000
6,000
11,000
London s t o c k .- ............. ..
6,000
3.000
13,000
6,000
Manchester s to c k ________
25,000
34,000
24,000
38,000
Continental s to c k ................
54,000
62,000
18,000
31,000
India afloat for E urope___
44,000
30,000
58,000
36,000
E gypt. Brazil & c .,a flo a t.
70,000
104,000
98,000
Stock in Alexandria, E gy p t............. 139,000
Stock in B om bay, In d ia . .
. 298,000
251,000
100,000
206,000
550,000
378,000
. 727,000
526,000
.3,012,804 2,605,847 2,253,848 3,121,027
T otal visible su p p ly .................. .3,739,804 3,131.847 2,803,848 3,508,027
7.98(1.
5.29(1.
7.37d.
n.ood.
Middling Upland, L iverpool____
14.4 5c.
9.45c.
14.50c.
Middling Upland, New Y o r k . . . . 10.95c.
10.COd.
10 Mil. 13 1-16(1. 10 ll-1 6 d .
E gypt, Good Brown, L iverpool. .
lO.OOd.
10.50d.
8.75d.
Peruvian. R ough Good, Liverpool1 lO.OOd.
7 H d. 0 13-16d.
Broach, Fine, L iverpool______ . 6 l-16d. 5 5-16(1.
G.OOd.
s na.
7 H d.
Tinnevelly, Good, L iverp ool. .
6H d.
C o n tin e n ta l im p o r ts fo r th e p a s t w e e k h a v e b e e n 1 1 8 ,0 0 0
. uni
633
2.200
500
500
9
500
2,700
2.342
1.500
3.842
133
9
b a le s .
T h e a b o v e f ig u r e s f o r 1 9 1 2 s h o w a n i n c r e a s e o v e r l a s t w e e k
o f 3 9 6 , 7 4 1 b a l e s , a g a in o f 0 0 7 , 9 5 7 b a l e s o v e r 1 9 1 1 , a n e x
c e s s o f 9 3 5 , 9 5 6 b a le s o v e r 1 9 1 0 a n d a g a in o f 2 3 1 , 7 7 7 b a l e s
over 1909.
T H E C H R O N IC L E
1064
A
th e
fo r
fo r
out
T T H E I N T E R I O R T O W N S t h e 'i m p r o v e m e n t — t h a t i s ,
r e c e i p t s f o r t h e w e e k a n d s in c e S e p t . 1 , t h e s h i p m e n t s
th e w e e k a n d th e s t o c k s t o -n ig h t , a n d th e s a m e it e m s
t h e c o r r e s p o n d i n g p e r i o d f o r t h e p r e v i o u s y e a r — is s e t
in d e t a i l b e l o w .
&©o
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______ ______ _
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m
’O
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Cm
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©TfoOr-t'»©CM©©rHrHsHrHOOXt>*r>*©t-,*1, rH©oO©©Tf©00»0©»OrHt>.
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sS
§
CO
n.
8
■J*
3
.
M0000© 00©I- 00© ^*© 00© © CMr* lO© rfiOCM
CM00© 11>-© © © © MX C
■5§ £ i
g
rH»0©’ co’ oo’
%
X
TfOOCMt'-©
'tJ l®Q ' I tn*i ' '^3 'o 1 1« ■o I '
; ° S S o g N^ i j f ‘ g ' 8 g s s 3 ; £ b ;
& .§ > £ .2 « .a » - s s * E s-s-cs& J'sis :
; : ;
.8
J55
S fcO O OTt-1 Eh
. . . 8,732
Since
Sept. 1.
22,458
8,826
50
4,810
3,708
9,539
25,899
Week.
13,748
«7,700
78
4,523
878
4,982
4,621
Since
Sept. 1.
27,521
023,968
178
9,380
2,478
15,194
20,671
...3 1 ,1 4 8
75,290
36,530
99,390
. . . 2,281
...
861
...
852
6,119
4,489
0,869
3,290
975
785
9,353
3,387
8,572
. . . 3,997
20,477
5,050
21,312
...227,151
7 ,1 5 1
Leaving total net overland * ---------
54,813
31,480
78,078
..
...
Deduct shipments—
Overland to N. Y ., Bostc
B etw een Interior tow ns.
1,428
1,623
* Including m ovem ent b y rail to Canada,
a Revised.
T h e fo r e g o in g s h o w s th e w e e k ’s n e t o v e r la n d m o v e m e n t
h a s b e e n 2 7 , 1 5 1 b a l e s , a g a i n s t 3 1 , 4 8 0 b a le s f o r t h e w e e k la s t
y e a r , a n d th a t fo r th e se a s o n to d a te th e a g g r e g a te n e t o v e r
la n d e x h i b i t s a d e c r e a s e f r o m a y e a r a g o o f 2 3 , 2 0 5 b a l e s .
1
----------------------jIV 1 i -----------
In SightlandlSpinners'
Takings.
Week.
R eceipts at ports to Oct. 18--------500,942
Net overland to Oct. 18--------------- 27,151
Southern consum ption to Oct. 18. 56,000
Since
Sept. i.
2,315,432
54 813
384,000
Week.
473,532
31 480
47,000
Since
Sept. 1.
2,499,323
78,078
277,000
T otal m arketed_______________ 584,093
Interior stocks In excess________ 94,769
2,754,245
348,082
552,012
74,018
2,854,401
402,720
Came lnt oslght during w eek __ 678,862
T otal lnisight Oct. 18_______ _______ __
3,102,327
Nor. spinners’ takings to Oct. 18. 64,734
225,574
626,030
83,891
3", 257,121
311,601
M o v e m e n t i n t o s i g h t in p r e v i o u s y e a r s .
1910— Oct. 21.......................... 625,40311910— O ct. 2 1 ..........
2,797,169
1909— Oct. 22..........................602,444 1909— Ocr. 22.........................3,247,645
1908— O ct. 2 4. ........................ 603,24111908— Oct.-? 24_____________ 3,014,192
Q U O T A T IO N S F O R M ID D L IN G C O T T O N A T O T H E R
M A R K E T S .— B e lo w a r e th e c lo s in g q u o t a t io n s o f m id d lin g
c o t t o n a t S o u th e r n a n d o th e r p r in c ip a l c o t t o n m a r k e ts fo r
each d a y o f th e w eek :
Closing Quotations for Aliddling Cotton on—
Week Ending
October 18.
G a lv eston _____
New Orleans___
Mobile . .
Savannah .
Charleston___
W ilm ington____
N o r fo lk ______
B a ltim o r e .........
P hiladelph ia___
A u g u s t a ...........
M em p h is______
St. Louis...........
H o u s t o n ............
Little R o ck ____
Sat’day.
Monday.
Tuesday. ! Wed'day. Thursd’y, Friday.
11 1-16
10K
10 *4
10 *4
10 13-16
10 >4
11
10 13-16
10K
10K
10K
10 11-16
10K
10 K
10 K
11K
11
10 K
11
11 K
10K
10 13-16
10 13-16
11 K
nyt
n
10 *4
10*4
10 11-16
10 11-16
10 11-16
10*4
11 K
11.15
10 11-16
11K
UK
u
10 H
10.73-.80 10.61-.76 10.58-.76 10.60-.71 10.63-.72 10.65-.88
10.73-.74 10.75-.76 10.59 — 10.67-.68 10.67-.68 10.82-.83
10.76-.84 10.65-.79 10.60-.78 10.61-.72 10.65-.75 10.67-.90
10.76-.77 10.77-.78 10.60-.61 10.69 — 10.09-.70 10.81-.85
— @ — — @ — — @ — — ® — —
— — @ —
10.78-.80 10.79-.81 10.62-.64 10.70-.72 10.71-.73 10.86-.88
10.92-.01 10.81-.96 10.73-.94 10.77-.88 10.81-.91 10.81-.05
10.92-.93 10.94 — 10.75 — 10.84-.85 10.84-.85 11.00-.01
11.04-.10 10.44-.06 10.86-.07 10.89-.99 10.92-.02 10.95-.16
11.05-.06 11.05-.06 10.87-.88 10.96-.97 10.96-.97 11.12-.13
11.18-.24 11.07-.08 11.00-.18 11.06 — — @ — 11.07-.24
11.18-.19 11.17-.19 11.00-.01 11.09-.10 11.08-.10 11.25-.27
Quiet.
Steady.
Steady. Steady. S tea d y.
Steady. Very sty. Very s t y .
Quiet.
Steady.
Quiet.
Steady.
Month ending July 3 1. 7 .1/oi. ending July 31
1912.
1911.
1912.
1911.
Total manufactures o f ___ value *4 388,908 S3,565,916831,470,630 *25,504.7:8
O VERLAN D
M OVEM ENT
FOR
TH E
W E E K
AND
S I N C E S E P T . 1 .— - W e g i v e b e l o w a s t a t e m e n t s h o w i n g t h e
o v e r la n d m o v e m e n t fo r th e w e e k a n d s in c e S e p t . 1 , a s m a d e
u p f r o m t e le g r a p h i c r e p o r t s F r i d a y n i g h t .
The
t h e w e e k a n d s in c e S e p t . l ; i n t h e l a s t t w o y e a r s a
ar<
r e a s fo llo w s :
Via R ock Island.
— @ — — @ — — (?) — — © — —■ @ ■— — @ —
10.73-.75 10.73-.75 10.57-.59 10.65-.67 10.67-.69 10.83-.85
Piece goods............................ yards 38 027,011 29,816,042 293,735,703 218,947,096
Piece goods............................ value *2,634,549 82,105,974 819,156,399 815,518,857
1,147,041
256,266
Clothing, &c.— Knit good s.. .value
1,024,562
250,303
407,084
Clothing, &c.— All other........ value
4,751,988 3,464,053
595,489
Waste co tto n ...........................value
324,329
269,578 2,233,430 2,031,483
Y a m ........................................ value
340,552
44,564
331,336
41,745
All other................................... value
512,493
482,450 3,849,836 3,184,611
-0 2 2 6 3
„
: : : : : i 2 . . «♦ «•
Week.
. - 10.410
. . . 4,879
10.81-.83 10.73-.88 10.70-.86 10.74-.79 10.78-.80 10.73-.99
10.78 — 10.87-.88 10.69-.70 10.75-.77 10.75-.77 10.93-.95
Manufactures
of
Cotton Exported.
M
«
g
♦Last year’s figures are for Louisville, K y.
October 18
Snipped—
Monday, Tuesday, .ved'day, Thursd'y, Friday,
Oct. 14. Oct. 15. Oct. 16. Oct. 17. Oct. 18.
— W e g iv e b e lo w a s t a t e m e n t s h o w in g th e e x p o r t s o f d o m e s t ic
c o t t o n m a n u f a c t u r e s f o r J u ly a n d f o r t h e s e v e n m o n t h s e n d e d
J u ly 3 1 1 9 1 2 , a n d , f o r p u r p o s e s o f c o m p a r i s o n , lik e f i g u r e s
fo r th e c o r r e s p o n d in g p e r io d s o f th e p r e v io u s y e a r a r c a ls o
p re se n te d :
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Oct. 12.
D O M E S T IC E X P O R T S O F C O T T O N M A N U F A C T U R E S .
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s
N E W
ORLEANS
O P T IO N
M A R K E T .— T h e
h ig h e s t,
l o w e s t a n d c l o s i n g q u o t a t i o n s f o r le a d i n g o p t i o n s in t h e N e w
O r le a n s c o t t o n m a r k e t f o r t h e p a s t w e e k n a v e b e e n a s f o l l o w s :
October—
Range ---------Closing---------November—
Range ---------Closing---------December—
Range ______
Closing---------January—
Range ______
Closing______
February—
Range ______
Closing______
March.—■
Range ______
Closing______
M ay—
Range ______
Closing______
July—
Range ______
Closing______
Tone—■
Spot . -------O p tio n s _____
■©^r-<©©©^ _
[ VO L . LfXXXXV
10%
10 *4
10 K
10 9-16
10 9-16
10K
10 9-16
10 K
11
10K
11
11 K
10K
10 9-16
10K
10 11-16
10 K
10 9-16
10 9-16
10 K
10 9-16
10K
11
10 11-16
11
11 K
10K
10 9-16
11
10K
10 K
10 11-16
10 11-16
10 7-16
10K
10 K
11.20
10 11-16
11
11 K
10 1-16
10 0-16
H AND
BOOK
OF
D A IL Y
CABLE
RECORDS
OF
A M E R IC A N , E A S T
IN D IA N , E G Y P T IA N
AND
BR A
Z IL IA N
COTTON
S T A T I S T I C S , & C .— T h e
fo r ty -s e c o n d
a n n u a l is s u e o f t h e “ H a n d - B o o k f o r D a i l y C a b l e R e c o r d s , ”
is s u e d b y C o m t e l b u r o , L i m i t e d , o f L o n d o n , L i v e r p o o l a n d
N e w Y o r k , h a s re a c h e d u s th is w e e k
S e v e ra l fe a tu re s o f
t r a d e i n t e r e s t h a v e b e e n a d d e d t o t h i s i s s u e , a m o n g w h ic h
a r e t o t a l s o f s u p p l y o f A m e r i c a n in a n d f o r L i v e r p o o l , a n d
d a t e s o f k il lin g f r o s t in r e c e n t y e a r s .
T h e p u b lic a tio n , b e in g
o f a v e r y c o m p r e h e n s i v e c h a r a c t e r , is c o n s e q u e n t l y a v e r y
v a lu a b le b o o k o f r e fe r e n c e .
I t c o n t a in s , o f c o u r s e , th e
u s u a l v e r y fu ll s t a t is t ic s o f th e A m e r ic a n , E a s t I n d ia n ,
E g y p t ia n , R u s s ia n a n d B r a z ilia n c r o p s , th e p a g e s b e in g so
a r r a n g e d t h a t t h e d a i l y a n d w e e k l y fig u r e s f o r t h i s y e a r a s
r e c e iv e d c a n b e i n s e r t e d s id e b y s id e w i t h th o s e f o r t h e p r e v i
ous yea r.
I t w ill b e f o u n d o n s a l e a t t h e o f f i c e o f C o m t e l
b u ro , L im ite d , 1 6 B e a v e r S tr e e t, N e w Y o r k .
W EATH ER
REPORT
g r a p h ic a d v ic e s f r o m
B Y
th e S o u th
T E L E G R A P H .— O u r
te le
th is e v e n in g in d ic a te
th a t
r a in h a s b e e n q u i t e g e n e r a l t h e p a s t w e e k , w i t h t h e p r e c i p i
t a t i o n h e a v y o v e r a c o n s i d e r a b l e p o r t i o n o f T e x a s a n d in a
n u m b e r o f l o c a l i t i e s e ls e w h e r e .
c la i m e d
fro m
th e
r a in
and
h ig h
S o m e d a m a g e t o t h e c r o p is
w in d s .
E xcept
w h ere in
t e r r u p t e d b y r a in , p i c k i n g h a s m a d e e x c e l l e n t p r o g r e s s , a n d
m a r k e t i n g h a s b e e n o n a li b e r a l s c a l e .
Galveston, Tex.— H e a v y r a in s h a v e f a l l e n in T e x a s
d u r i n g t h e w e e k , w h ic h h a v e r e t a r d e d s h i p m e n t s f r o m t h e
in te r io r .
S e v e r e r a in a n d w in d s t o r m s o c c u r r e d a l o n g t h e
S o u th T e x a s c o a s t.
W e h a v e h a d r a in o n f o u r d a y s t h e p a s t
w e e k , t h e r a i n f a ll b e i n g o n e in c h a n d e i g h t y h u n d r e d t h s .
T h e r m o m e te r h a s a v e r a g e d 7 2 , r a n g in g fr o m 5 8 to 8 5 .
Abilene, Tex.— I t h a s r a in e d o n t w o d a y s o f t h e w e e k , t h e
p r e c ip ita tio n re a c h in g fo r t y -s ix h u n d re d th s o f a n in c h .
M in im u m th e r m o m e te r 4 0 .
Brenham, Tex.— I t h a s r a in e d h e a v i l y o n t h r e e d a y s o f t h e
w e e k , t h e p r e c i p i t a t i o n b e i n g t h r e e in c h e s a n d n i n e t y - t w o
h u n d re d th s.
A v e r a g e t h e r m o m e t e r 7 3 , h ig h e s t 9 4 , lo w e s t
52.
Cuero, Tex.— I t h a s r a in e d h e a v i l y o n t w o d a y s d u r i n g t h e
w e e k , t o t h e e x t e n t o f f o u r in c h e s a n d n i n e t y - e i g h t h u n
d re d th s.
T h e th e r m o m e te r h a s a v e r a g e d 7 5 , th e h ig h e st
b e in g 9 6 a n d th e lo w e s t 5 4 .
Dallas, Tex.— I t h a s r a in e d o n t w o d a y s o f t h e w e e k , t h e
p r e c ip ita tio n r e a c h in g t w e n t y -s i x h u n d r e d th s o f a n in c h .
T h e th e r m o m e te r h a s ra n g e d fr o m 4 4 to 8 8 , a v e r a g in g 6 6 .
Huntsville, Tex. — R a i n h a s f a lle n o n t h r e e d a y s o f t h e
w e e k , t o t h e e x t e n t o f o n e in c h a n d f o r t y - s i x h u n d r e d t h s .
A v e r a g e t h e r m o m e te r 6 7 , h ig h e s t 9 0 , lo w e s t 4 4 .
Kerrville, Tex.— R a i n h a s f a l l e n o n f o u r d a y s d u r i n g t h e
w e e k , t o t h e e x t e n t o f t h r e e in c h e s a n d f i f t y - e i g h t h u n
d re d th s.
T h e th e rm o m e te r h a s a v e ra g e d 6 4 , th e h ig h e s t
b e in g 8 8 a n d th e lo w e s t 4 0 .
Oct. 19 1912.]
THE
C H R O N IC L E
Lampasas, Tex.— T h e r e h a s b e e n r a in o n t w o d a y s o f t h e
w e e k , t h e r a in f a ll b e i n g f i f t y h u n d r e d t h s o f a n in c h .
The
t h e r m o m e t e r h a s a v e r a g e d 6 1 , r a n g in g fr o m 3 6 to 8 6 .
Longview, Tex.— W e h a v e h a d r a in o n t h r e e d a y s t h e p a s t
w e e k , t h e r a in f a ll b e i n g o n e in c h a n d t h i r t y - f o u r h u n d r e d t h s .
T h e r m o m e t e r h a s a v e r a g e d 6 9 , r a n g in g fr o m 5 0 to 8 8 .
Lulinq, Tex.— T h e r e h a s b e e n r a in o n f o u r d a y s d u r i n g t h e
w e e k , t h e p r e c i p i t a t i o n b e i n g f o u r in c h e s a n d t w e n t y n u n d re d th s.
A v e r a g e th e r m o m e te r 7 5 , h ig h e st 9 6 a n d lo w e st 5 4 .
Nacogdoches, Tex.— T h e r e h a s b e e n r a in o n t w o d a y s d u r in g
t h e w e e k , t h e p r e c i p i t a t i o n b e i n g o n e in c h a n d t e n h u n
d re d th s.
T h e th e r m o m e te r h a s a v e r a g e d 6 0 , ra n g in g fro m
4 4 to 7 6 .
Palestine, Tex.— W e h a v e h a d r a in o n f o u r d a y s o f t h e p a s t
w e e k , t h e r a in f a ll b e i n g t w o in c h e s a n d f i f t y - t w o h u n d r e d t h s .
A v e r a g e th e r m o m e te r 6 9 , h ig h e st 9 0 , lo w e st 4 8 .
Paris, Tex.— R a i n h a s f a lle n o n o n e d a y o f t h e p a s t w e e k ,
t h e r a in f a ll r e a c h i n g o n e in c h a n d t w e n t y - t w o h u n d r e d t h s .
T h e th e r m o m e te r h a s a v e r a g e d 6 7 , ra n g in g fr o m 4 8 to 8 6 .
San Antonio, Tex.— R a i n h a s f a lle n o n t h r e e d a y s d u r in g
t h e w e e k , t h e r a in f a ll r e a c h i n g t w o in c h e s a n d f i f t y - s i x h u n
d re d th s.
A v e r a g e th e r m o m e te r 7 2 , h ig h e s t 9 0 , lo w e s t 5 4 .
Weatherford, Tex.— T h e r e h a s b e e n r a in o n t w o d a y s
d u r in g th e w e e k , th e p r e c ip ita tio n re a c h in g s e v e n t y -t w o
h u n d r e d th s o f a n in c h .
T h e th e rm o m e te r h as a v e ra g e d 6 3 ,
ra n g in g fr o m 4 4 to 8 2 .
Ardmore, Okla.— W e h a v e h a d r a in o n t w o d a y s t h e p a s t
w e e k , t h e r a in f a ll b e i n g s e v e n t y - f i v e h u n d r e d t h s o f a n in c h .
T h e th e r m o m e te r h a s a v e r a g e d 6 8 , r a n g in g fr o m 4 1 to 9 5 .
Tulsa, Okla.— I t h a s r a in e d o n o n e d a y o f t h e w e e k , t h e
p r e c ip ita tio n re a c h in g s e v e n h u n d r e d th s o f a n in c h .
The
th e r m o m e te r h a s ra n g e d fr o m 4 0 to 7 8 , a v e r a g in g 5 9 .
'
New Orleans, La.— W e h a v e h a d r a in o n f o u r d a y s o f t h e
w e e k , t h e r a in f a ll b e i n g o n e in c h a n d f i f t y - s e v e n h u n d r e d t h s .
A v e r a g e th e r m o m e te r 6 7 , h ig h e st 8 8 , lo w e st 5 7 .
Shreveport, La.— T h e r e h a s b e e n r a in o n t h r e e d a y s o f t h e
p ast w eek.
T h e r a in f a ll r e a c h e d s e v e n t y - f o u r h u n d r e d t h s
o f a n in c h .
T h e th e r m o m e te r h a s a v e r a g e d 7 0 , th e h ig h e s t
b e in g 9 0 a n d th e lo w e s t 5 0 .
Helena, Ark.—
F in e p ic k in g w e a th e r .
R a i n h a s f a lle n o n
o n e d a y o f t h e w e e k , t h e r a in f a ll b e i n g o n e in c h a n d t h i r t y
h u n d re d th s.
T h e th e r m o m e te r h a s a v e ra g e d 6 4 , ra n g in g
fr o m 4 5 to 8 4 .
W O R L D ’S
Meridian,
M i s s . — T h e r e h a s b e e n r a in o n f o u r d a y s o f
t h e w e e k , t h e r a in f a ll r e a c h i n g f i f t e e n h u n d r e d t h s o f a n i n c h .
A v e r a g e th e r m o m e te r 6 7 , h ig h e s t 8 6 , lo w e s t 5 9 .
Vicksburg, Miss.— W e h a v e h a d li g h t r a in o n t w o d a y s o f
t h e w e e k , t h e r a in f a ll r e a c h i n g t e n h u n d r e d t h s o f a n i n c h .
T h e th e r m o m e te r h a s a v e r a g e d 6 8 , th e h ig h e s t b e in g 8 6
a n d th e lo w e s t 5 3 .
Mobile, Ala— W e
h a v e h a d r a in o n t h r e e d a y s d u r i n g t h e
w e e k , t h e p r e c i p i t a t i o n r e a c h i n g f iv e in c h e s a n d t h i r t e e n
h u n d re d th s.
T h e th e r m o m e te r h a s a v e r a g e d 7 2 , ra n g in g
fr o m 6 2 to 8 8 .
H e a v y r a in s h a v e d a m a g e d o p e n c o t t o n .
T h e r e is s o m e s p r o u t i n g in t h e b o l l s .
Montgomery, Ala.— W e h a v e h a d r a in o n t h r e e d a y s d u r i n g
t h e w e e k , t h e r a in f a ll b e i n g f o r t y - t h r e e h u n d r e d t h s o f a n
in c h .
T h e th e r m o m e te r h a s ra n g e d fr o m 6 0 to 8 6 , a v e r a g in g
73.
Selma, Ala.— R a i n o n t h r e e d a y s o f t h e w e e k t o t h e e x t e n t
o f f if t y -n i n e h u n d r e d th s o f a n in c h .
A v e r a g e th e rm o m e te r
6 8 , h ig h e st 8 0 , lo w e st 5 9 .
Savannah, Ga.— T h e r e h a s b e e n r a in o n t w o d a y s t h e p a s t
w eek.
T h e r a in f a ll r e a c h e d o n e in c h a n d f o r t y - f o u r h u n
d re d th s.
T h e th e r m o m e te r h a s a v e r a g e d 7 1 , th e h ig h e s t b e
in g 8 3 a n d t h e l o w e s t 5 8 .
Washington, Ga.—
R a in on tw o d a y s o f th e w e e k , to th e
e x t e n t o f t w e n t y -t w o h u n d r e d th s o f a n in c h .
A v e r a g e th e r
m o m e t e r 6 8 , h i g h e s t 8 7 , lo w e s t 4 8 .
Charleston, S. C.— R a i n f a l l f o r t h e w e e k s i x t y - t w o h u n
d r e d t h s o f a n in c h o n t w o d a y s .
T h e th e rm o m e te r h as a v e r
a g e d 6 8 , th e h ig h e s t b e in g 81 a n d th e lo w e s t 5 6 .
Greenville, S. C.— W e h a v e h a d r a in o n t w o d a y s d u r in g
t h e w e e k , t o t h e e x t e n t o f f o r t y - n i n e h u n d r e d t h s o f a n in c h .
T h e th e r m o m e te r h a s a v e r a g e d 6 5 , ra n g in g fr o m 4 2 to 8 7 .
Gainesville, Fla.— W e h a v e h a d r a in o n t w o d a y s d u r in g
t h e w e e k , t h e r a in f a ll b e in g s i x t e e n h u n d r e d t h s o f a n in c h .
T h e th e r m o m e te r h a s ra n g e d fr o m 6 9 to 9 4 , a v e r a g in g 8 1 .
Madison, Fla.— R a i n o n o n e d a y o f t h e w e e k , w it h r a in
fa ll o f tw e lv e h u n d r e d th s o f a n in c h .
A v e r a g e th e rm o m e te r
7 7 , h ig h e s t 8 7 , lo w e s t 6 6 .
Dyersburg, Tenn.— T h e r e h a s b e e n r a in o n o n e d a y d u r
in g t h e w e e k , t h e p r e c i p i t a t i o n r e a c h i n g o n e in c h a n d f i f t y
h u n d re d th s.
T h e th e r m o m e te r h a s a v e ra g e d 6 5 , th e h ig h
e s t b e in g 8 5 a n d t h e l o w e s t 4 4 .
Memphis, Tenn.— R a i n o n t w o d a y s o f t h e w e e k , t o t h e
e x t e n t o f o n e in c h a n d f o u r t e e n h u n d r e d t h s .
T h e th e rm o m e
te r h a s a v e r a g e d 6 5 , r a n g i n g f r o m 5 0 t o 8 3 .
Charlotte, N. C .— W e h a v e h a d r a in o n t h r e e d a y s d u r i n g
t h e w e e k , t h e r a i n f a ll b e i n g t w e n t y - t h r e e h u n d r e d t h s o f a n
in c h .
T h e th e r m o m e te r h a s ra n g e d fr o m 4 3 to 8 4 , a v e r a g
in g 6 4 .
Greensboro, N. C . — R a i n h a s f a lle n o n t h r e e d a y s o f t h e
w eek
t h e r a in f a ll b e n g t w o in c h e s a n d s e v e n t y - e i g h t h u n
d re d th s.
T h e th e r m o m e te r h a s ra n g e d fr o m 3 9 to 8 5 , a v e r
a g in g 6 2 .
• •;
• •
• • •
.
SUPPLY
AND
T A K IN G S
OF
COTTON.
Cotton T akings.
W eek and Season.
Week.
Visible supply O ct. 11 .
3,343,060
Visible supply Sept. 1................
American In sight to Oct. 18
678,862
Bom bay receipts to Oct. 17___
5.000
Other India shlpm 'ts to Oct. 17
1.000
Alexandria receipts to Oct. 16
58,600
Other supply to Oct. 16 *______
5,000
Total su p p ly_____
4,091,522
Deduct—
Visible supply Oct. 18
3,739,804
T otal takings to Oct. 18
351,718
Of which American '
298,118
O f which other
53.600
-----i— ^ u u L u p v u u iu
IN D IA
COTTON
M OVEM ENT
October 17.
Season.
Week.
Bombay_________
5.000
3 ,000
5,498,812 3,472,513
5,063,239
3,131,847
1.759.008 340,666 1,931,392
1.455.008
281,566 1,503,692
304,000
59,100
427,700
om yrua, west; indies, <xc.
FROM
ALL
1910.
Since
Sept. 1.
Week.
5,000
34,000
Great
Britain.
1,000 17.000
2,000 6.000
12,000
2,000
1,000
41.000
15.000
86.000
1,000
1,666
l,6o6
1,000
1,000
1,000
3,000
3.000
4,000.
2,000
1,000
1,000
1.000
3.000
4.000
1910___
Madras—
1912___
1911___
1910___
All others—
1912___
1911___
1910___
1,666
1,666
1,666
1,000
.5,000
3,000
1,000
5.000
4.000
1,000
2,000
2,000
35,000
23,000|
Total all—
1912___
1911___
1910___
17.000
1.660] 9.000
2,000 17.000
1,000 18,000
2,000| 12,000
19,000
3 .000
4.000
5.000
7 t .000
56,000
117,000l
R E C E IP T S
AND
A L E X A N D R IA
Week.
Since
Sept. 1.
9.000
33.000
Conti- , Japan
nent. [<t China
It*,000
4,000
12,000
2,000
PORTS:
Since September 1.
Great Conti Japan 1
Britain nent. &'China, Total.
Bombay—
1912___
1911___
1910___
Calcutta—
1912___
1,603,418
3,257,121
34.000
45.000
72,700
51.000
626,030
5.000
6.000
28,100
8,000
1911.
Since
Sept. 1.
Season. 4
2,799,383
3,739,804 3,131,847
For the Week.
Exports
from—■
Week.
2,135,485
3,102,327
32.000
35.000
151,000
43.000
1912.
Receipts at—
Little Hock, Ark.—
'T h e r e h a s b e e n r a in o n o n e d a y o f t h e
w e e k , t h e p r e c i p i t a t i o n r e a c h i n g r w o in c h e s a n d s i x h u n
d re d th s.
T h e th e rm o m e te r h a s ra n g ed fro m 4 8 to 8 4 , a v e r
a g in g 6 6 .
1065
Total.
3,000
7,000
10,000
46,000
22,000
97,000
3.000
4.000
5.000
5.000
1,000
31,000
25,000
4.000
7.000
10,000
81,000
67,017
132,000
S H IP M E N T S
Alexandria, Egypt,
October 16.
Receipts (cantars)—
Tills w e e k ___________
Since Sept. 1 ...............
To
To
To
To
_
210,000
440,000
1.133.089
380,000
1.154.498
545.559
This
Since
Week. Sept. 1.
This
Since
Week. Sept. 1.
3,500
8,000
5.000
1.000
e'oo'o
L iverpool......................
M anchester..................
Continent and I n d ia ..
A m erica........................
16,037
18,500
25.523
3,900
6,500
This
Since
Week. Sebt. 1.
16,999 11,500
• 7,879 9.000
23,624 7.000
1,583
1,250
30,360
24,000
31.390
4,099
Total exp orts____. . . . 17,500
63,960 12,500 50,085 28,750
N ote.— A cantar is 99 lbs. Egyptian bales weigh about 750 Ib¥T
89,849
M A N C H E S T E R M A R K E T . — O u r r e p o r t r e c e iv e d b y c a b l e
t o - n i g h t f r o m M a n c h e s t e r s t a t e s t h a t t h e m a r k e t is s t e a d y
fo r y a r n s a n d e a s y fo r s h ir tin g s .
The
d e m a n d fo r b o t h
yarn s an d
c lo t h s is g o o d .
W e g iv e th e p ric e s fo r t o -d a y
b e lo w a n d le a v e th o s e fo r p r e v io u s w e e k s o f th is a n d la s t
y e a r fo r c o m p a r is o n .
1912.
32s Cop
Twist.
Allg.
30
Sent
G
13
20
27
O ct.
4
11
18
d. s. d.
1.
9%
@
9%
0%
10
t 13-16@
9
Vs
9 ;
OH
@
1911.
8% lbs. Shirt
ings, common
to finest.
Col’n 8 % lbs. ShirtMid
32s Cop
Upl’s
Twist.
s. d
10% 6
2
@11 1
10%
10%
11
10%
2 @11
2^@ 11
2 @11
2 @11
10H
10
10%
@11
(a
11
1
2
2
2
@11 1%
1%
1
d.
6.40 m
6.62
6.75
6.79
6.59
n. s. d.
@
m
@
i%
@
J 11-16@
) 7-16 @
6.32 9%
6.30 9
6.0 8 %
ings, common
to finest.
@
©
'<&
Mid.
Upl's
8. d
io % 5
8>^ @10 9
10%
10 h
10%
10%
9 @10 10 7.32
9 @10 10% 7 18
9 @10 10% 6.80
8M @10 0% 6.11
10
7 H @ 10-8
0%
7 ©10 7%
OVx 5 6 (n 10 6
6.95
5.59
5.31
5.29
S H I P P I N G N E W S . — S h i p m e n t s in d e t a i l :
Total bales
N E W Y O H K — T o L iverpool— O ct. 16— A driatic, 4,006 u p la n d ,™ *
Sea Island, 2,399 Peruvian____
6 47
477
T o Manchester— Oct. 17— Canning. 1.251 ...................................... s ’ V
k
251
T o Hull— O ct; 15— Idaho, 150
......................................
1,f150
«
T o Havre— Oct. 12— Rocham beau
l o Bremen— O ct. 16— Grosser Kurfurst, 1,093
Font
T o Hamburg— Oct. 11— President Lincoln, 6 ..............
«
T o A ntw erp— Oct. 11— Finland, 237 __
............
T o Naples— O ct. 10— Ivcrnla, 650
.........................
T o Piraeus— Oct. 17— Themistocles, 316
.............................
<ti«
T o Bom bay— O ct. 11— Koranna, 1,100.................. II
........... i m o
GA LV ESTO N — T o L iverpool— O ct. 12— Montauk Point 8 099"
'
Stephen, 11,151; W ayfarer, 2 2 ,4 3 0 ...O c t , 14— Iowa, 18,070 59,750
T o Manchester— O ct. 10— Gloria dc Larrinaga, 15,664
Oct
15— Ventura d c Larrinaga, 15,479. _
u 141
T o H avre— Oct. 12— Cayo Bonito, 9,42211.................................... 9 ’ 422
T o Bremen— Oct. 10— Alster, 8 ,9 2 3 ..O c t . i 2— W estward H oi
’
9,199 -------------------------------------------------_
18 122
T o Antwerp— O ct. 14— HI 11mere, 2^6971111111111111 ”
2 697
T E X A S C IT Y — To L iverpool— Oct. 7— Barbadian, 7 ,3 4 8 .. O ct."i2
' .
— Indianola, 15,141___
T o Havre— O ct. 14— Serrana, 10,531..............I I I I I I I I I "
10531
A R A N SA S PASS— T o Liverpool— Oct. 17— A phrodite 1 sni
iV n i
P O R T A R T H U R — T o L iverpool— O ct. 12— Cuban. 7 008
.......... v n n l
T o Havre— O ct. 17— Evelyn, 5 ,0 0 0 ..........
5nnn
T o Bremen— Oct. 17— Volga, 1 1,0 00 ...............
.............. l i ’ onn
N E W O R L E A N S — T o Liverpool— O ct. 16— Armenian 12 700
” 12 700
T o London— O ct. 12— Kingstonian, 2,050
....................... j n?n
T o Havre— Oct. 17— Texas, 5 ,8 8 3 ...
................ ..
T o Rotterdam — O ct. 17— W carslde, 32
.............. » - - - r .............
T o Antwerp— O ct. 12— Kingstonian, 4501 Knight Companion! . . .
864_____________________________
’ -j a . i
To Barcelona— Oct. 12— Balmes, Y .a o o I I I I I I I I I I I I I I I I I I I I
300
1QBC»
T H E C H R O N IC L E
•
Total bales■
M O B IL E — T o Liverpool— O ct. 10— Saba, 2,600______________
2,600
T o Ila v re -O c t. 16— Dorlsbrook, 3 ,435_______________
_ . 3,435
S A V A N N A H — T o Bremen— O ct. 12— Ashburton, 10,425
Oct.
_
18,914
17— Roseland, 8,489______________________________
T o R ottcrd a m -O ct. 16— Oceano, 1,110_____________
i| n o
B R U N S W IC K — T o Brem en— O ct. 14— Sandsend, 10,930
_ 10 930
C H A R L E ST O N — T o Liverpool— O ct. 14— Colonlan, 8,793
- 8,703
■ T o H avre— O ct. 16— W estham pton, 5,000_______
5,000
• T o Bremen— O ct. 12— Maude, 5,600________
_
_
5,600
W IL M IN G T O N — T o Liverpool— Oct. 12— Gretavalc, 10,606
10,006
. T o Havre— Oct. 15— K ylcstrom c, 10,323______
10,323
. T o Bremen— Oct. 17— K ing R obert, 1 2 ,3 9 0 ,-12,390
N O R F O L K — T o Hamburg— O ct. 10— Barcelona, 14
14
BOSTON — TO Liverpool— Oct. 10— Sachem, l,3 2 9 _ _ _ b c t. 12— D c• ■ vonlan, 4,044 — Oct. 14— Laconia, 500____ __
5,873
. T o Manchester— Oct. 12— Bostonian, 1,528
..
1,528
B A L T IM O R E — T o Liverpool— Oct. 12— Ulstermore, 1,666______
1,000
877
• T o Bremen— Oct. 16— Neckar, 877____________________________
P H IL A D E L P H IA — T o Liverpool— O ct. 11—-Dominion, 1,457____
1,457
T o Manchester— Oct. 14— Manchester Mariner, 1,100_________ 1,100
__________
1,000
T o Genoa— O ct. 14— Ancona, 1,000SAN FRAN CISCO— T o Japan— O ct. 11— Korea, 5,971___________
5,971
P O R T TO W N SE N D — T o Japan— O ct. 15— Chicago Maru, 1 ,0 1 1 -- 1,011
T o t a l ....... ..................... ................................................................................324,252
L I V E R P O O L .— B y c a b le fr o m L iv e r p o o l w e h a v e th e f o l
lo w in g s t a t e m e n t o f th e w e e k ’ s s a le s , s t o c k s , & c ., a t t h a t p o r t :
Sept. 27.
Sales o l the w eek.....................- --b a le s . 39,000
Of which speculators took - - _______ 2,000
Of which exporters t o o k ____________ 1,000
Sales, A m erican______________________ 27,coo
Actual e x p o rt_____ ___________________ 3,000
09.000
F orw a rd ed __________________
Total stock— E stim ated.................
507,000
Of which American .................
352,000
Total imports of the w e e k ......... .......... 62,000
Of which A m erican _______________ 49,000
A m ount afloat
___________
214,000
Of which A m erican .....................
196,000 -
Oct. 4.
61,000
2,000
2,000
48,000
4,000
69,000
487,000
339,000
52,000
46,000
3 )7,000
313,000
Oct. 11.
61,000
2,000
2,000
41,000
4,000
75,000
489,000
3 17,000
80,000
72,000
418,000
315,0C0
Oct. 18.
60,000
2,000
4,000
45,000
2,000
89,000
519,000
376,000
121,000
103,000
486,000
439,000
p .T h e to n e o f th e L iv e r p o o l m a r k e t fo r s p o ts a n d fu tu r e s
e a c h d a y o f t h e p a s t w e e k a n d t h e d a i l y c lo s i n g p r i c e s o f
s p o t c o t t o n h a v e b e e n a s fo llo w s :
Monday.
Saturday.
Spot.
Market,
12.15
P. M.
1
)
J
Good
demand.
Quiet.
Tuesday.
Good
demand.
Wednesday. Thursday.
Fair
business
doing.
Good
demand.
Friday.
Good
demand.
Mld.Upl'ds
6.23
6.12
6.15
6.05
6.09
6.09
Sales........
Spec.&exp.
S,000
300
10,000
1,500
12,000
2,500
8,000
500
10,000
500
14,000
1,500
East at
7% m
pta. dec.
Steady at
2 points
advance.
Quiet at
4@ 5 pts.
decline.
Steady at Quiet, un
2 @3 pts. changed to
advance. 1 pt. adv.
Steady at
Easy at
9*@1V*
pts. dec.
Quiet at
3<M%
pts. dec.
Quiet at
194@294
pts. adv.
Futures.
Market
\
opened
/
Market,
4
I\ M.
Easy.
1 Steady at
1 6 points
1 decline.
n%ms%
pts. dec.
Firm at
pts. adv.
T h e p ric e s o f fu tu r e s a t L iv e r p o o l fo r e a c h d a y a re g iv e n
b e lo w .
P r ic e s a r e o n th e b a s is o f u p la n d , g o o d o r d in a r y
c la u s e , u n le s s o th e r w is e s t a t e d .
The prices are given in pence and 100ths.
Oct. 12
IO
Oct. 18.
Sat.
12 K
p.m.
a.
O ctob er. O ct.-N ov N ov.-D ec.
Dec .Jan
Jan .-Feb
Feb.-M ch.
M ch.-Apr.
A pr .-May.
May-June
Juno-July
J uly-A ug. —
Alon.
d.
Thus: 6 02 means 6 20-100d.
W ed.
| Thurs.
Fri.
12 \i 4 12 Y\ 4 12 M 4 112 % 4 12 X 4
p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m.
12fc>
p.m.
6
5
5
5
5
5
5
5
6
6
6
Tues.
02
99
93
93
04 9*
96
97 94
99
00
00
00
a.
90
87
819*
819*
83
84 9*
86
87 9*
89
89
89
d.
89 9*
86 9*
81
81
82 9*
84
859*
87
88 9*
88 94
88 94
d.
93
90 94
84 9*
84 9*
86 9*
83 9*
89 9*
91
92 9*
92 9*
92 9*
d.
d.
88
83
86
81
80
75 94
80
75 9*
82
77 9*
79
79
85
80 9*
86 9* 82
88
83 9*
84
88
88 8 I
d. 1 d.
d.
83 >4 87
85
82
86
84
79
76 94 81
79
76 9* 81
78 9* 83
80 9*
80
84 9* 82
81 9* 86
83 9*
83
88
85
84 9* 89 % 86
85
90
86 9*
85
90 186 9*
B R E A D S T U F F 'S .
Friday Night, October
18
d.
86 9*
859*
80
80
82
83 9*
85
86 9*
87 9*
88
88
d.
89
88
82 9*
82 9*
84 9*
86
87 9*
89
90
90 9*
90 9*
1912.
F l o u r h a s b e e n s t e a d y h e r e w it h a m o d e r a t e b u s i n e s s .
At
th e N o r t h w e s t b u s in e s s h a s a ls o b e e n o n m o d e r a t e s c a le .
B u t m o s t m ills h a v e fo u n d t h a t th e ir o r d e rs e q u a le d th e ir
o u t p u t , t h o u g h t r a d e is a d m i t t e d l y le s s a c t i v e t h a n i t w a s
in S e p t e m b e r .
I n t h e f o r e p a r t o f t h e w e e k th e r e w a s s o m e
a d v a n c e in p r i c e s a t M i n n e a p o l i s in r e s p o n s e t o a ris e in
w h e a t a n d in s o m e c a s e s p a t e n t s s o l d a t a ris e o f 1 0 c e n t s
a b a r r e l.
T h e g e n e r a l i t y o f m i l l s , t o o , h a v e s h i p p i n g d ir e c
t i o n s in e x c e s s o f t h e i r a b i l i t y t o p r o d u c e , t h o u g h t h e y a r e
r u n n in g a t a s h ig h a r a te a s p o s s ib le .
T h e re h a s r e c e n tly
b e e n a p r e t t y g o o d e x p o r t b u s in e s s .
F i r s t c le a r s h a v e b e e n
s e lli n g a t p r i c e s m u c h n e a r e r t o t h o s e c u r r e n t f o r p a t e n t s
t h a n is u s u a l l y t h e c a s e .
T h e p r o d u c tio n a t M in n e a p o lis ,
D u l u t h a n d M i lw a u k e e f o r t h e w e e k w a s 4 8 1 , 4 5 0 b a r r e l s ,
a g a i n s t 4 7 8 , 0 6 0 in t h e p r e v i o u s w e e k a n d 3 9 9 , 5 7 0 l a s t y e a r .
W h e a t e a r l y in t h e w e e k a d v a n c e d s h a r p l y o n w a r n e w s ,
d e c li n i n g p r ic e s f o r B r i t i s h C o n s o l s , a s h a r p b r e a k in E u r o p e a n
s t o c k m a r k e t s , a g o o d e x p o r t d e m a n d o n t h i s s id e o f t h e w a
t e r , w i t h r u m o r e d s a le s r a n g i n g a n y w h e r e f r o m 1 0 , 0 0 , 0 0 0 t o
2 ,0 0 0 ,0 0 0 b u s h ., a n d , f in a lly , a ru sh to c o v e r o n th e p a r t o f
s h o r t s o n b o t h s id e s o f t h e w a t e r . A t t h e s a m e t i m e , f o r e i g n
m a r k e ts a d v a n c e d s h a r p ly o n b o t h S a t u r d a y (th e C o lu m b u s
D a y h o l i d a y in t h i s c o u n t r y ) a n d a l s o o n M o n d a y .
T h e re
s u l t w a s a v e r y e x c i t e d m a r k e t in t h i s c o u n t r y a t t h e o p e n i n g
o f th e w e e k .
C h ic a g o q u o t a t i o n s in a s in g le d a y a d v a n c e d
2 to 3 c e n ts .
I t w a s f e a r e d t h a t t h e w a r in S o u t h e a s t e r n
E u r o p e w o u l d r e s u l t i n t h e c lo s i n g o f t h e D a r d a n e l l e s a n d
th e s h u t t in g o f f o f s u p p lie s fr o m th e D a n u b ia n S t a t e s .
R u s
s i a , i t is p o i n t e d o u t , h a s in a s in g le y e a r in t h e p a s t e x p o r t e d
c lo s e t o 2 2 5 , 0 0 0 , 0 0 0 b u s h e l s .
I t is t h e l a r g e s t w n e a t e x p o r t e r
in t h e w o r l d , a n d t h e D a n u b i a n r e g i o n in o n e y e a r h a s b e e n
k n o w n t « e x p o r t s o m e 8 8 ,0 0 0 ,0 0 0 b u s h e ls .
H ere are e x
[VOL. L X X X X V .
p o r t s f r o m t w o s o u r c e s 't h r e a t e n e d b y t h e w a r o f 3 1 3 , 0 0 0 , 0 0 0
b u s h e ls .
I t n e e d o c c a s io n n o s u r p r i s e , t h e n , t h a t t h e i m
p o r t in g m a r k e t s o f E u r o p e w e re g r e a t ly d is t u r b e d b y th e w a r
n e w s r e la tin g to T u r k e y a n d M o n t e n e g r o , a n d o f th e p o s s i
b ili t y o f th e w a r sp r e a d in g to S e r v ia , G re e c e a n d B u lg a r ia .
I n f a c t , th e re h a v e b e e n r u m o r s t h a t T u r k is h tr o o p s h a d
c ro sse d th e S e r v ia n fr o n t ie r ; a ls o r e p o r ts t h a t B u lg a r ia w a s
a b o u t t o d e c la r e w a r . ‘ T h e s e r e p o r t s h a d a l l t h e m o r e p o i n t
fr o m th e f a c t t h a t th e E u r o p e a n c r o p s o f w h e a t th is y e a r n a v e
in s o m e r e s p e c t s b e e n u n s a t i s f a c t o r y .
T h e q u a n t i t i e s in s o m e
c a se s, it
is
tr u e , h a v e
been
r e la tiv e ly
la r g e ,
but
th e
t r o u b l e is t h a t t h e q u a l i t y w a s g r e a t l y i m p a i r e d b y p r o
lo n g e d r a in s .
D r y m e r c h a n ta b le w h e a t h a s b e e n c o m p a r a
tiv e ly sc a r c e .
B u t o n t h e o t h e r h a n d , t h e w e a t h e r in
E u r o p e h a s l a t t e r l y b e e n g o o d a n d i t is a l s o p o i n t e d o u t
t h a t t h e c r o p s in N o r t h A m e r i c a , A r g e n t i n a a n d A u s t r a l i a
are e x p e c te d to b e s u ffic ie n t to m o re th a n m a k e u p fo r
a n y p o s s i b le d e f i c i e n c y o f s u p p l i e s in
W e ste rn E u ro p e
b r o u g n t a b o u t b y th e p o s s ib le s h u t t in g o ff o f w h e a t f r o m
th e m a r k e ts o f E a s te r n E u r o p e .
S o m e L iv e r p o o l p e o p le ,
i n d e e d , t a k e t h e g r o u n d t h a t t h e N o r t h A m e r i c a n crop ,
w o u l d o f i t s e l f b e s u f f i c i e n t t o o f f s e t t h e lo s s o f E a s t e r n
E u r o p e a n s u p p lie s b y a p r o lo n g e d w a r a n d a b lo c k a d e o f
t h e D a r d a n e l l e s . T h e y t h i n k t h a t W e s t e r n E u r o p e , in o t h e r
w o r d s , is le s s d e p e n d e n t o n R u s s i a a n d t h e B a l k a n s f o r
w h e a t fr o m th e f a c t t h a t th e c r o p s o f th e U n it e d S t a t e s a n d
C a n a d a a r e s o l a r g e a s t o a d m i t o f a g e n e r o u s s u r p lu s f o r
e x p o rt.
T h e w o rld ’ s e x p o r ts fo r th e w eek w ere 1 3 ,4 8 8 ,0 0 0
b u s h e l s , w h i c h , t h o u g h s o m e t h i n g lik e 1 , 2 0 0 , 0 0 0 b u s h e l s le ss
t h a n in t h e p r e v i o u s w e e k , w e r e 5 , 0 0 0 , 0 0 0 b u s h e ls la r g e r t h a n
in t h e s a m e t i m e l a s t y e a r . A l s o , t h e r e c e i p t s a t M i n n e a p o l i s
a n d D u lu t h h a v e n o tic e a b ly in c r e a s e d .
T h e w e a th e r a t th e
N o r t h w e s t h a s b e e n m o r e f a v o r a b l o ; in f a c t , a t t i m e s i t h a s
b e e n id e a l fo r m o v in g th e c r o p .
I t is e s t i m a t e d t h a t s o m e
3 3 % o f th e c ro p o f N o r t h D a k o t a a n d N o r th e r n M in n e s o ta
a n d 7 5 % o f th e c ro p o f S o u t h D a k o t a a n d S o u th e r n M in n e
s o ta h a s b e e n th resh e d .
O f la t e , t o o , p ric e s h a v e r e c e d e d a s
t h e a l a r m o n t h e E u r o p e a n b o u r s e s a n d t h e g r a in m a r k e t s
r e g a r d i n g w a r in S o u t h e a s t e r n E u r o p e h a s in a m e a s u r e
s u b s id e d .
T h e e x p o r t d e m a n d h a s a l s o f a lle n o f f .
T h e r e is
a g r o w i n g h o p e , a m o u n t i n g in s o m e c a s e s t o a c o n v i c t i o n ,
t h a t t h e w a r in S o u t h e a s t e r n E u r o p e w ill b e k e p t w it h i n
c o m p a r a t i v e l y r e s t r ic t e d l i m i t s a n d w ill t h u s p r o v e t o b e a
le s s d i s t u r b i n g f a c t o r t o t h e w o r l d ’ s b u s i n e s s a n d f in a n c e t h a n
w a s a t o n e tim e a p p r e h e n d e d .
T o - d a y p ric e s a d v a n c e d b u t
r e a c te d la te r , r a lly in g a g a in b e fo r e th e c lo s e .
T h e exp ort
d e m a n d w a s m o d e r a te a n d th e N o r th w e s t e r n r e c e ip ts w ere
en orm ou s.
C h ic a g o r e p o r t e d e x p o r t a n d m i lli n g s a le s t o
d a y , h o w e v e r , o f 5 0 0 , 0 0 0 b u s h e l s ; a l s o 5 0 0 , 0 0 0 b u s h e ls s o l d
a t K a n s a s C ity fo r e x p o r t v ia th e G u lf o f M e x ic o .
D A IL Y CLOSING PR ICE S OF W H E A T FU T U R E S IN NEW YO R K .
Sat.
M on. Tues. Wed. Thurs.
F ri.
N o. 2 r e d - ................... ............ -Cts_
105 9* 105 9* 105 9* 105 9* 105 9*
December delivery In elevator_____ Holl- 102% 102
100 %
09%
99'A
May delivery In elevator____________ day. 106 % 106
104 % 103 % 103 %
D A IL Y CLOSING PR ICE S OF W H E A T FU TU RE S IN CHICAGO.
Sat M on. Tues. Wed. Thurs. F ri
December delivery In e leva tor.cts94 % 94
92 %
01 % 9 2 %
May delivery In elevator_____________Holl- 99 % 98
97
96 %
97%
July delivery In elevator_____________ day. 06 % 0 0% 93%
9 3% 94
C o r n , lik e w h e a t , a d v a n c e d e a r l y in t h e w e e k a n d r e c e d e d
la te r .
I t f e l t t h e in fl u e n c e o f t h e s h a r p a d v a n c e in w h e a t
a n d a l s o o f t h e s u d d e n ris e in c o r n q u o t a t i o n s in f o r e i g n
m a rk e ts.
S h o r ts c o v e r e d o n a la r g e s c a le .
L iv e r p o o l o n
M o n d a y a d v a n c e d 1 ^ t o 2 %d. a n d B u e n o s A i r e s 2% @ 2% c.
B u t la t e r p r ic e s d e c lin e d b o t h a t h o m e a n d a b r o a d .
The
w e a th e r h a s b e e n fa v o r a b le a t th e W e s t .
T h e w o r ld ’s corn
s h ip m e n ts fo r th e w e e k a m o u n t e d to 6 ,4 4 9 ,0 0 0 b u s h e ls ,
a g a i n s t 1 , 1 7 2 , 0 0 0 in t h e s a m e w e e k l a s t y e a r . A t n o t i m e h a s
c o r n s h o w n t h e s t r e n g t h t h a t a t o n e t i m e c h a r a c t e r iz e d th e
w h e a t m a r k e t . B u t it is n o t t o b o d e n i e d t h a t s t o c k s o f o ld
c o r n in t h i s c o u n t r y a r e l i g h t . T h e c o n t r a c t s t o c k a t C h ic a g o
is o n l y 2 0 4 , 0 0 0 b u s h . , a g a i n s t 9 7 4 , 0 0 0 a y e a r a g o . C a s h i n t e r ,
e s ts a re b u y in g o ld c o r n .
C o n s u m e r s are b e lie v e d to b e c a r
r y i n g v e r y s m a ll s t o c k s .
I t is d o u b t e d w h e t h e r t h e n e w c r o p
w ill b e m o v e d t o m a r k e t s a t a n u n u s u a l l y e a r l y d a t e , a s w a s
a t o n e tim e p r e d ic te d .
B u lls p r o p h e s y a n o x c e p tio n a llp
la r g e c o n s u m p t i o n , o w i n g t o t h e h i g h p r ic e o f m e a t .
T o -d a y
p ric e s a d v a n c e d , b u t r e a c te d la t e r , th o u g h c a s h c o rn w a s
s t r o n g a ll d a y .
T h e w e a th e r , t o o , w a s th r e a te n in g , a n d
s u p p l i e s o f o l d c o r n a r e s o s m a ll a s t o e x c i t e c o m m e n t .
D A IL Y CLOSING PR ICE S OF NO. 2 M IX E D CORN IN NEW Y O R K .
Sal M on. Tues. Wed. Thurs. F ri.
Cash co rn ____________________ cts . Holl- N om . N om . Norn. N om . Nom.
December delivery In elevator_____ day. N om . N om . N om . N om . Nom.
D A IL Y CLOSING PRICES OF CORN F U T U R E S IN CHICAGO.
Sat M on . Tues. Wed. Thurs. Fri.
December delivery In elevator c t s .
53 % 5 3% 53 % 53
53 %
May delivery In elevator___________ Holl- 52 9* *>2 98 52 9s o 2 % 52%
July delivery In elevator___________ day. 52 %
52 9*
.>2% 0 2% 02%
O a t s , lik e o t h e r g r a i n , w e r e s t r o n g e a r l y in t h e w e e k a n d
r e a c te d la te r .
S t i ll s t o c k s a r e s m a l l a n d o n t h e w h o le t h e
m a r k e t h a s a c te d v e r y w e ll.
T h e c o n t r a c t s t o c k a t C h ic a g o
is o n l y 1 3 2 , 0 0 0 b u s h e l s , a g a i n s t 1 , 6 4 2 , 0 0 0 a y e a r a g o . E a r l y
in t h e w e e k t h e r e w a s a g o o d c a s h b u s i n e s s a t t h e W e s t a n d
C h ic a g o d i s p a t c h e s r e p o r t e d e x p o r t s a l e s o f a p p r o x i m a t e l y
1 ,0 0 0 ,0 0 0 b u s h e ls .
T h e v i s i b l e s u p p l y in t h i s c o u n t r y is
le s s t h a n h a l f o f w h a t i t w a s a y e a r a g o .
A s in t h e c a s e o f
c o r n , t h e s t o c k o f o a t s h a s d w i n d l e d t o s u c h s m a ll p r o p o r
t i o n s t h a t t h e im m i n e n c e o f a n u n p r e c e d e n t e d l y la r g e c r o u
h a s le s s i n fl u e n c e o n p r i c e s t h a n w o u l d o t h e r w i s e b e t h e c a s e .
T o - d a y p r i c e s w e r e fir m e r in s y m p a t h y w i t h w h e a t a n d c o r n .
D A IL Y CLOSING PR ICE S OF OATS IN NEW YO RK .
Sat M on . Tues. Wed. Thurs. Fri.
Standards ........................ .......... cts_ Holl- N om . N om . Nora. N om . N om .
N o. 2 white — ......... ....................... dar. Nom. Nora. Nom. N om . N om .
Oot. 19 1912.]
TH E C H R O N IC L E
D A IL Y c l o s i n g p r i c e s o p o a t s f u t u r e s IN CHICAGO.
Sat. M on. Tuts. Wed. Thurs. F ri.
% 32 Vi 32 >A
December delivery in elev a tor.cts .
32 H 32 H
34 % 34 'A 34 y,
May delivery in elevator----------------- IIoll- 34 X 34 X
34 H 3 4 Vi 34 M
July delivery in elevator----------------- day. 34)4 34 'A
The
fo llo w in g
are
c lo s i n g
q u o ta tio n s :
FLOUR.
K a n s a s s tr a ig h ts , s a c k s - $ 4 3 0 @ $ 4 4 0
W inter, low grades-$3 6 0 ® $3 95
W inter patents_________ 5 2 5 ®
540Kansas clears, sacks___ 4 00® 4 25
W inter s tra igh ts_________4 C0@ 4 70 City patents___________ 0 2 0 ® C 50
W inter cle a rs ____________ 4 2 5 ®
430R ye f l o u r _____________ 3 8 5 ® 4 10
Spring paten ts--------------- 4 7 0®
500Graham flou r__________ 4 0 0® 4 70
Nominal
Spring straights--------------- 4 GO®
475Buckwheat, cw t_______
Spring clears____________ 4 50®
4CO
G R A IN .
Corn, per bushel—
Cents.
W heat, per bushel— f. o . b.
N o. 2 ____________ elevator Nominal
N. Spring, N o. 1, n ew ------ 5 98)4
S te a m e r ________ elevator Nominal
N . Spring, N o. 2, n ew -----nom .
N o. 3 ________
-C .l.f. Nominal
Red winter, N o. 2, new ___1 05 'A
Hard winter, N o. 2 ------------ 1 0 1 )4 R ye, per bushel—
71
N o. 2 ________________
Oats, per bushel, now—
Cents.
State & Pennsylvanianom .
S ta n d a rd s ________________
nom .
57@ 70
N o. 2, w h ite_______________
nom . Barley— M a ltin g _______
N o. 3 ______ _______________
39
For other tables asualiy given here, see page 1019.
T h e v i s i b l e s u p p l y o f g r a i n , c o m p r i s i n g t h e s t o c k s in
g r a n a r y a t p r i n c i p a l p o i n t s o f a c c u m u l a t i o n a t la k e a n d
se a b o a rd p o r ts O c t . 12 1 9 1 2 , w a s as fo llo w s :
UNITED STATES GRAIN STOCKS.
Amer.Bonded Amer. Amer Bonded Amer. Amer.Bonded
Rye. Barley. Barley.
Oats. Oats.
Wheat. Wheal. Corn
New Y o r k -................. .
Boston - ...................... .
Philadelphia------------ .
Baltimore.......... ......... ..
New Orleans_________ .
Galveston____ ______ .
Buffalo................ ....... .
Toledo.................... — .
D etroit........................ .
Chicago ...................... .
Milwaukee .................. .
D uluth........................ .
Minneapolis_________ .
St. Louis...................... .
Kansas C ity .-............ _
Peoria.............. ........... .
Indianapolis .............. .
Om aha_____________ .
On Lakes___________ .
On Canal and R iver.. .
Total
Total
Total
Total
Oct.
Oct.
Oct.
Oct.
1,302
252
344
935
C59
045
8G3
1.440
179
5.390
209
4,905
4,257
3,500
5,021
3
407
5C4
2.920
10
38
2
37
1
43
250
—
75
11
8
63
203
13
438
113
150
1,373
45
5
37
41
72
314
200
412
—
1,323
131
224
1,79,8
129
8
___
___
___
330
027
91
2,039
350
213
559
305
45
378
292
477
27
89
—
1912.. .34,417
371 3,573 9,412
35
1912.. .32.085
273 2,940 9,550
47
1911-- .00,280
3,000 21,709
___ 3,790 17,880
___
1910.. -37.573
CANADIAN GRAIN STOCKS,
Canadian Bonded
Canadian Bonded
9
Wheat Wheat. Corn. Oats. Oats.
In Thousands—
bush. bush. bush. bush. bush.
384
35
Montreal .................... . 1,274
423
Ft. Wllliam&Pt. Arthur _ 0,818
47
—
—
—
Other Canadian.......... . 2,112
Total Oet.
Total Oct.
Total Oet.
Total Oct.
12
5
14
15
12 1912.. .
5 1912 .. .
1.4 1911.. .
15 1910.. .
9,204
4,275
0,947
9,515
Wheat.
bush.
.54,417
Canadian...................... . 9,204
In Thousands—
Total
Total
Total
Total
Oct
Oct.
Oct.
Oct.
13.1912.. .43,021
51912.. .30,900
11 1911.- .07,227
15 1910.. .47,11*
THE
35
854
___
904
21
413 4,402
004
—
___
49
SUMMARY:
Bonded
Bowled
Wheat. Com. Oats. Oats.
bush. bush. bush. bush.
371 3,573 9,412
35
854
—
35
—
371
273
___
—
3,008
2,077
4,073
3,845
10,200
10,400
20,111
18,550
35
47
—
1
01
—
4
—
___
2 —
—
___
___ •___
154 ___
02
___
___
82
___
12 ___
107 ___
128
__ 71
10G
30
100 1,109
740 ___
404
___
9 ___
___
___
__ _
___
___
___
48
10
___
677
—
78 —
40
2
___
11
___
1,122
1,103
786
400
2,979
2,708
3,890
2,950
37
25
____
—
Canadian Bonded
Rye. Barley. Barley.
bush. bush. bush.
___
42
73
___
___
—
—
—
42
10
___
—
73
07
39
34
___
___
__ —
Bonded
Rye. Barley. Barley.
bush. bush. bush.
1,122 2,979
37
42
73
—
1,164
1,113
780
410
3,052
2,775
3,929
2,990
DRY GOODS T R A D E .
New York, Friday Night, Oct. 1 8
1912.
T r a d in g ia th e d r y g o o d s m a r k e ts d u r in g th e w e e k h a s b e e n
q u ite a c t i v e , c o o le r w e a th e r h a v in g s t im u la t e d th e d e m a n d
fo r a d d i t i o n a l s u p p l i e s o f f a l l g o o d s .
T h e la te n e s s o f d e
li v e r i e s c o n t i n u e s t o b e a s o u r c e o f m u c h a n x i e t y t o b u y e r s ,
w h o a r e u r g in g t h e p r o m p t s h i p m e n t o f o r d e r s , w h ic h a r e n o w
t w o t o threw w e e k s o v e r d u e .
I n t h e m a j o r i t y o f lin e s
m a n u f a c t u r e r s a r e w e ll b o o k e d t h r o u g h t h e t u r n o f t h e y e a r
a n d a r e m o r o c o n c e r n e d a b o u t m a k i n g d e li v e r i e s t h a n in
g e ttin g a d d itio n a l b u s in e s s .
In c o tto n g o o d s th e to n e o f
t h e m a r k e t is d e c i d e d l y f i r m , r e g a r d le s s o f t h e d e c lin e in t h e
p r ic e o f t h e s t a p l e .
W h ile s o m e b u y e r s a rc b e c o m in g m o re
c o n s e r v a t i v e a s t h e p r ic e o f c o t t o n d e c li n e s , o t h e r s a r c p la c i n g
t h e ir f o r w a r d r e q u i r e m e n t s e a r l y , in o r d e r , if p o s s i b l e , t o
in s u r e t i m e l y d e l i v e r i e s .
J o b b e r s r e p o rt a s t e a d y d e m a n d fo r
f a ll a n d w i n t e r li n e s , w h ile b u s in e s s t o d a t e f o r s p r i n g is
b e tte r th a n a t th is tim e a y e a r a g o .
T h e y a r e e x p e r ie n c in g
d i f f i c u l t y in m e e t i n g t h e h e a v y d e m a n d f r o m r e t a ile r s f o r
fu r th e r s u p p lie s o f h e a v y w e ig h t u n d e r w e a r a n d h o s ie r y .
In t h e p r i m a r y m a r k e t f o r s t a p l e c o t t o n s m i l l s a r e w e ll s o l d
in t o t h e b e g i n n i n g o f n e x t y e a r .
A la r g e v o l u m e o f g o o d s is
s t e a d i l y m o v i n g , a n d in a g r e a t m a n y i n s t a n c e s m ills a r e
u n a b l e t o t a k e c a r e o f r e q u e s t s f o r a d d i t i o n a l s u p p l ie s t o b e
d e li v e r e d d u r i n g t h e la s t t w o m o n t h s o f t h i s y e a r .
L ittle
w o r t h n o t e is r e p o r t e d f r o m t h e e x p o r t t r a d e , a n d it is e x p e c
t e d t h a t t h e B a l k a n t r o u b le s w ill h a v e a s t i ll f u r t h e r d e p r e s s
in g e f f e c t u p o n t h e M e d i t e r r a n e a n t r a d e .
S t o c k s a t C h in e s e
p o r t s a r e r e p o r t e d la r g e w i t h t h e m o v e m e n t t o t h e in t e r io r
v e r y lig h t .
I n th e w o o le n tr a d e m u c h th e s a m e c o n d itio n
e x i s t s a s in t h e c o t t o n t r a d e r e g a r d i n g d e l i v e r i e s .
M ills a r c
b e h in d a n d a r c fu r th e r h a n d ic a p p e d b y d is c o n te n t a m o n g
th e ir o p e r a t iv e s .
J o b b e r s a r c h a r d p re sse d to m e e t th e
d e m a n d f r o m r e t a ile r s a n d c l o t h i e r s , o w i n g t o t h e i r i n a b i l i t y
t o s e c u r e s h i p m e n t s f r o m t h e m i lls w h e n e x p e c t e d , a n d t h e
m a r k e t is c l o s e l y w a t c h e d f o r s p o t s u p p l ie s o f a ll p o p u l a r
f a b r i c s , o f w h ic h t h e r e is a p r o n o u n c e d s h o r t a g e .
D O M E S T I C C O T T O N G O O D S .— -T h e e x p o r ts o f c o tto n
g o o d s fr o m th is p o r t fo r w e e k e n d in g i O c t . 1 2 w e re 2 ,8 5 9
packages.
—
1911-------Sines
Jan. 1.
688
941
82,164
20,321
8
16,231
159
11,257
25
31,995
1,024
1,910
84
10,084
582
46,337
1,295
33,460
1,516
-------- 1912--------Since
Jan. 1.
3,440
1,021
54,601
23,140
42,227
23,476
36.048
2,597
16,930
50,521
58,003
Week.
11
1
New York to Oct. 12—
Week.
Great B ritain__________________ _______
1
Other E uropean_______________ _______
101
China___________________________
I n d ia ___________________ _____
A rabia
________________ _______ .............. 157
A f r i c a ____________________ _
_______ 334
W est I n d ie s ..... .............. .......... .... ............. 569
M exico . . ______
..............
56
Central A m erica_______________ .............. 208
South A m erica____
______
612
Other Countries____________
.............. 881
T o t a l .....................
______ 2,859
319,204
4,705
261,388
T h e v a l u e o f t h e s e N e w Y o r k e x p o r t s s in c e J a n . 1 h a s b e e n
$ 2 0 , 7 9 0 , 5 7 1 in 1 9 1 2 , a g a i n s t $ 1 8 , 8 3 5 , 8 7 9 in 1 9 1 1 .
I n v ie w o f d e v e lo p m e n t s a b r o a d , th e w e a k e n in g c o t t o n
m a r k e t s a n d t h e f a c t t h a t t h i s is a P r e s i d e n t ia l y e a r , t r a d e
in d o m e s t i c c o t t o n m a r k e t s c o n t i n u e s t o m a k e u n u s u a l l y
good p rogress.
M a i l o r d e r s r e c e iv e d a r e o f c o n s i d e r a b l e
v o l u m e a n d t h e r e is n o a b a t e m e n t in t h e d e s ir e t o s e c u r e
im m e d ia t e s h ip m e n t s .
F in e c o tto n s are a t t r a c t in g c o n
s i d e r a b le a t t e n t i o n , a s s p o t s u p p l ie s a r e b e c o m i n g s c a r c e , a n d
w i t h m i l l s w e ll b o o k e d a h e a d , m a n y a r e e x p e c t i n g h i g h e r
p ric e s.
S t a p l e g i n g h a m s c o n t i n u e in s t e a d y d e m a n d , w a s h
f a b r i c s a r e s e lli n g w e l l , w h il e b u s i n e s s in b l a n k e t s a n d n a p p e d
g o o d s is a s g o o d a s t h e a v e r a g e f o r t h i s m o n t h o f t h e y e a r .
C o lo r e d c o t t o n s a r e q u i e t e r , t h e k e e n c o m p e t i t i o n f o r b u s i
n e s s h a v i n g h a d a t e n d e n c y t o le s s e n t h e i n t e r e s t o f b u y e r s .
T i c k i n g s , d e n i m s a n d b l e a c h e d g o o d s a r e a l s o le s s a c t i v e ,
a l t h o u g h p r i c e s h o ld s t e a d y .
G o o d s a lr e a d y o rd e re d , h o w
e v e r , a r e u r g e n t l y w a n t e d a n d i t is r e p o r t e d t h a t in s o m e
in s ta n c e s s h ip m e n ts t h a t a r e n o t d u e u n t il n e x t m o n t h h a v e
b e e n r e q u e s t e d t o b e d e li v e r e d d u r i n g t h e c u r r e n t m o n t h .
P r in t c lo t h s a n d c o n v e r tib le s a re s t e a d y a n d q u ie t , w ith
b u y e r s in c lin e d t o h o ld o f f u n t i l a f t e r t h e e l e c t i o n , a n d f o r
m o r e d e fin ite n e w s r e g a r d in g th e c o t t o n c r o p .
G ray good s,
3 8 ^ -in c h
sta n d a rd , are q u o ta b ly
unchanged
at
5 3 -1 6
@ 5M c.
W OOLEN
G O O D S . — A c t i v i t y p r e v a i l s in m a r k e t s f o r
m e n ’s w ear a n d dress g o o d s .
M ill s h a v e s u f f i c i e n t b u s i n e s s
b o o k e d t o k e e p t h e m w e ll e m p l o y e d , w h il e d e m a n d is o f
la r g e e n o u g h p r o p o r t i o n s n o t t o a l l o w o f a n y a c c u m u l a t i o n
of sto ck s.
A n a c t i v e r e q u e s t is r e p o r t e d f o r o v e r c o a t i n g s ,
c lo a k in g s a n d h e a v y w o o le n s u itin g s .
M a n y c o m p la in ts
a r e s till h e a r d a b o u t th e b a c k w a r d n e s s o f d e liv e r ie s .
F O R E I G N D R Y G O O D S . — A c c o r d i n g t o r e li a b le a u t h o r
i t i e s , t h e r e is n o le s s e n i n g in t h e d e m a n d f o r l i n e n s .
A ll
d e s c r i p t i o n s f o r s p r i n g d e l i v e r y a r e b e i n g p u r c h a s e d in a l i b
e r a l w a y , w h il e t h e r e is a l s o a g o o d d e m a n d f o r s p o t s u p p l i e s
a s w e ll a s f o r g o o d s f o r f a l l d e l i v e r y .
J u d g in g fr o m th e m o v e
m e n t o f d r e s s g o o d s , t h e o u t l o o k is f o r a h e a v y c o n s u m p t i o n
d u r in g th e c o m in g y e a r .
B u r la p s a r e f ir m ly h e ld , w ith th e
m a r k e t m o r e o r le s s i r r e g u l a r .
T h e p r in c ip a l d e m a n d h a s
b e e n f o r h e a v y w e i g h t s , l i g h t w e i g h t s r u l in g q u i e t .
L ig h t
w e ig h t s a r e q u o t e d a t 6 . 8 5 c . a n d h e a v y w e i g h t s a t 8 . 5 0 c .
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1068
THE
N e w s
C H R O N IC L E
Ite m s .
A r k a n s a s . — Result of General Election.— - A t t h e g e n e r a l
e l e c t i o n h e ld in th is S t a t e o n S e p t . 9 t h e r e w e r e s u b m i t t e d
to th e v o te r s th r e e c o n s t it u t io n a l a m e n d m e n t s a n d th r ee
A c t s p r o p o s e d b y i n i t i a t i v e p e t i t i o n , o n e A c t u p o n w h ic h
a r e fe r e n d u m h a d b e e n o r d e re d a n d tw o a m e n d m e n ts p r o
v id e d fo r b y jo in t r e s o lu tio n o f th e L e g is la t u r e .
O n ly o n e
o f th e se p r o p o s itio n s c a r r ie d , a n d t h a t a m e n d s S e c tio n 1 6 o f
A r tic le 5 o f th e c o n s titu tio n , c o n c e r n in g c o m p e n s a tio n o f
m e m b e r s o f th e L e g is la tu r e .
T h e a m e n d m e n t in f u l l is a s
fo llo w s :
■“ Article 5, Section 16.— Each member o f the General Assembly shal
receive six dollars per day for his services during the first sixty days of any
regular session of the General Assem bly, and if any regular session shall be
extended, such member shall serve without further per diem. Each mem
ber of the General Assembly shall also receive ten cents per mile for each
mile traveled in going to and returning from the seat of governm ent, over
the m ost direct and practicable route. W hen convened In extraordinary
session by the Governor, they shall receive three dollars per day for their
services during the first lifteen days, and if such extraordinary session
shall extend beyond fifteen days, they shall receive no further per diem.
T hey shall be entitled to the same mileage for any extraordinary session
as herein provided for regular sessions. The terms of all members o f the
General Assembly shall begin on the day of their election and they shall re
ceive no com pensation, perquisite or allowance whatever, except as herein
p ro v id e d ."
T h e A c t s a n d a m e n d m e n t s w h ic h fa ile d
to c a r r y w e re a s
fo llo w s :
A c t N o . 1 ( referendum ordered by -petition of people) . — R e
d u c in g th e r a te o f t a x a t io n a n d r e v is in g a n d a m e n d in g th e
r e v e n u e la w s .
A ct N o. 2
( proposed
S ta t e w id e p r o h ib it io n .
A c t N o . 3 ( proposed
e le c t i o n l a w s .
A c t N o . 4 ( proposed
by initiative petition).—
by initiative petition).—
P r o v id in g
A m e n d in g th e
t
by initiative petition).—
u n ifo rm t e x t b o o k s.
A m e n d m e n t N o . 11 ( joint
resolution).—
P r o v id in g fo r
D is fr a n c h is in g th e
negro.
A m e n d m e n t N o . 1 2 ( joint resolution).— E x e m p t i n g c o t
to n f a c t o r y c a p it a l fr o m t a x a t io n fo r a p e r io d o f s e v e n y e a r s .
A m e n d m e n t N o . 1 4 ( proposed by initiative petition).— P r o
v i d i n g f o r t h e r e c a ll o f a l l e l e c t i v e p u b li c o f f i c e r s .
A m e n d m e n t N o . 1 5 ( proposed by initiative petition).— G i v
i n g c it i e s a n d t o w n s h a v i n g a p o p u l a t i o n o f o v e r 1 ,0 0 0 a u
t h o r i t y t o is s u e b o n d s f o r m u n i c i p a l i m p r o v e m e n t s .
>■ A m e n d m e n t s N o s . 1 2 , 1 4 a n d 1 5 r e c e i v e d a m a j o r i t y o f
th e v o t e s c a s t o n th o s e p a r tic u la r p r o p o s it io n s , b u t n o t a
m a j o r i t y o f a ll v o t e s c a s t a t t h e e l e c t i o n .
C h i s h o l m , M i n n .— Question of Purchasing Light Plant De
T h e q u e s t i o n o f p u r c h a s i n g t h e lo c a l e le c t r i c - l i g h t
p l a n t f o r $ 7 5 , 0 0 0 f a il e d t o c a r r y a t a n e le c t i o n h e ld O c t . 1 2 .
T h e v o t e w a s 1 2 3 “ f o r ” t o 1 2 0 “ a g a in s t ,” b u t a t w o -th ir d s
feated.—
m a jo r ity
w a s r e q u ir e d .
I d a h o . — Bonds Issued to Purchase Water
T h e s u i t b r o u g h t b y C h a r le s F e i l t o
e n jo in th e issu a n c e o f b o n d s b y th e C it y o f C o e u r d ’ A le n e
fo r th e p u r c h a s e o f th e w a te r p la n t o f th e C o n s u m e r s ’ C o .,
L t d . , w a s d e c id e d b y t h e I d a h o S u p r e m e C o u r t o n S e p t . 2 1 .
T h e r u l in g o f J u d g e R o b e r t N . D u n n o f t h e K o o t e n a i C o u n t y
D i s t r i c t C o u r t is r e v e r s e d a n d t h e c a s e r e m a n d e d , w i t h in
s tr u c tio n s to g r a n t a p e r p e tu a l in ju n c tio n a s o r ig in a lly a s k e d
fo r .
T h e d e c is i o n o f t h e h i g h e r C o u r t is w r i t t e n b y J u s t ic e
A i l s h e e , c o n c u r r e d in b y J u s t ic e S u l l i v a n a n d d i s s e n t e d f r o m
b y C h ie f J u s t ic e S t e w a r t .
T h e s y l l a b u s o f t h e o p i n i o n is in e f
fe c t a s fo llo w s , a c c o r d in g to th e B o is e “ I d a h o S ta t e s m a n
C oeur
d ’A l e n e ,
Plant Declared Void.—
o f S e p t . 2 2 :]
"Section 3 Article 8, of the State constitution provides that ‘ No city
•hall Incur any Indebtedness or liability in any manner, or for any purpose,
exceeding In that year the Income and revenues provided for It for such year,
without the assent of two-thirds of the qualified electors thereof voting
an election to be held for that p u rp ose,'etc.
“ Where the city of Coeur d ’Alene was indebted up to the maximum debt
limitation, and while so Indebted the Council passed and the Mayor ap
proved an ordinance authorizing: and directing the proper officers to pur
chase a water system and pay therefor the sum of $180,000, and issue the
bonds of the city for the same, payable in 20 years, with interest thereon at
6 % , and provided in such ordinance that the city should not be liable in
any manner or form for the paym ent of such bonds, except that it bound
and obligated itself to maintain water rates high enough to collect an annual
incom e from the watei consumers to pay all the running expenses of the water
works system and to raise a sufficient fund thereby to pay interest at 6%
at
and contract, if carried out. would create a liability In violation of the
provisions of Section 3, Article 8, of the constitution.
* . “ The word ‘liability,’ as used in Section 3, Article 8, of the constitution
la to be read, construed and accepted In the usual and ordinary sense In
which that term Is com m only em ployed, and when so used means ana signi
fies the state of being bound or obligated In law or Justice to do, pay, or
mj“ Under the provisions of that section of the constitution, a city m ay an
ticipate both the income and revenue provided for It for such year, and
incur debts or liabilities against the city which can be m et ^nil uiscm m eil
out of the aggregate income and revenue for that year; but tne city nas no
right to anticipate, set aside and hypothecate either the income <ar revenue
o f the city, or any part thereof, for a special purpose, for a periou oi
years In advance.
,
_
„ n,i
. "W h en a city acquires its own water system and engages In■selling: ana
distributing water to its inhabitants, and charging rates therefor,, it.becomes
subject to the same duties and obligations and responsibilities of an in
dividual or private corporation running and operating a like business,
and is subject to have the rates charged regulated and fixed in the same man
ner prescribed by law for the fixing of water rates generally.
___
. “ A water rate sufficiently high to pay all running expenses ana im prove
m ents and repairs of the system and 0% on the entire value o f the plant
and the purchase price thereof, In the period of 20 years, would be unrea
sonable, and It would be beyond the power and authority o f the city to
contract In advance to maintain water rentals at such a rate.”
C h ie f
J u s t ic e
S te w a rt
th e f o llo w in g la n g u a g e :
c lo s e s
h is
d is s e n tin g
o p in io n
w ith
....................................
[ VOL. L X X X XV .
"T here is no Indebtedness or other liability which the city will Incur
which in any way would require the raising of any funds for the purpose of
making any paym ents by reason o f the transaction entered into by the
authority o f said ordinance.
“ The fa ct that the City o f Coeur d ’Alene is to becom e the owner of said
water system and agrees to fix the rates to be charged for the use o f water
from the system and to p(\y the same upon the bonded indebtedness out
o f a fund arising from the revenue received for the service of water, is not an
indebtedness or obligation which adds to or requires the raising o f revenue
from assessment upon the property of the m unicipality during each year
or for any number of years, or at all, and the general credit of the city Is In
no way pledged except the duty to create 'h e fund, and does not bring the
transaction involved in this case within the inhibition provided by Section 3,
A rticle 8, of the constitution.
"F o r these reasons X dissent from the m ajority opinion, both In the
theory and reasoning of the opinion, and In the conclusion.”
F l o r i d a .— Proposed
Constitutional Amendments.— H o u s e
J o in t R e s o lu t io n N o . 7 6 p a sse d b y th e
1911
L e g is la tu r e
p r o v i d e s f o r t h e s u b m i s s i o n t o t h e v o t e r s a t t h e g e n e r a l e le c
t i o n o n N o v . 5 o f a p r o p o s a l t o a m e n d A r t i c l e 1 2 o f ,t h e
c o n s t i t u t i o n b y a d d i n g S e c t i o n 1 7 , w h ic h a u t h o r i z e s the* i n
c o r p o r a t i o n o f S p e c i a l T a x S c h o o l D i s t r i c t s t o is s u e b o n d s ,
w ith th e a p p r o v a l o f th e v o t e r s , fo r th e e x c lu s iv e u se o f
p u b li c f r e e s c h o o l s .
S e c t i o n 1 7 is a s f o l l o w s :
Sec. 17. The Legislature m ay provide for Special T ax School Districts,
to Issue bonds for the exclusive use of public free schools within any such
Special T ax School District, whenever a m ajority of the qualified electors
thereof, who are freeholders, shall vote In favor of the Issuance of such
bonds.
W henever any such Special Tax School District has voted In favor of the
Issuance of such bonds, a tax not to exceed five mills on the dollar, In any
one year, on the taxable property within the district voting for the Issue
of bonds shall be levied In accordance with law providing for the levying
of taxes, t o become a fund for the paym ent of the Interest and redemption
of such bonds.
T h e L e g is la tu r e a ls o m a d e p r o v is io n fo r th e s u b m is s io n
to th e v o te r s o n N o v . 5 o f tw o o th e r p ro p o se d c o n s titu tio n a l
a m e n d m e n ts.
T h e s e p r o v id e a n a d d itio n a l J u d g e o f th e
C i r c u it C o u r t in D u v a l C o u n t y a n d e s t a b l i s h t h e i n i t i a t i v e
a n d re fe re n d u m .
T h e l a t t e r is p r i n t e d in f u ll b e l o w :
Section One (1) of said Article Three (3) shall be amended so as to read
as follows;
Section 1.— (1) The legislative authority of this State shall be vested in
a legislature consisting of a Senate and a House of Heprcsentatlves, and
shall be designated. The legislature of the State of Florida, but the people
reserve to themselves power to propose laws and amendments to the
constitution of the State, and to enact or reject such laws and amendments
at the polls Independent o f the legislature, and also reserve at their own
option the power to approve or reject at the polls any A ct, Item, or section
o f any A ct, or resolution, of the legislature;
(2) The first power reserved by the people Is the Initiative, and twenty
(20) per centum of the legal voters shall have the right to propose any
legislative measure, and twenty-live (25) per centum shall have the right
to propose amendments to the constitution by petition, and every such
petition shall include the full text of the measure so proposed;
(3) The second power reserved Is the referendum , and it m ay be ordered,
except as to laws necessary for the Immediate preservation of public peace,
health and safety, either by petition signed by twenty (20) per centum of
the legal voters, or by the Legislature;
(4) The percentage of legal voters hereinbefore stated shall be based
upon the total number of votes cast at the last general election for the
State officer receiving the highest number of votes cast at such election;
(5) All petitions submitted under the power of the Initiative shall be
known as “ Initiative P etitions,” and shall be filed with the Secretary of
State not less than four (4) months preceding the date of the election at
which the measures so proposed are to be voted upon, and all petitions
submitted under the power of the referendum shall be known as "R e fe re n
dum Petitions,” and shall be filed with the Secretary of State not more
than sixty (60) days after the final adjournm ent of the session of the
Legislature which shall have passed the measure to whioh the referendum Is
applied; the filing of a referendum petition against any Item, or section of
any Act, or resolution, shall not prevent the remainder o f such measure
from becom ing effective;
(6) A ny measure or amendment to the constitution proposed under the
Initiative, and any measure to which the referendum Is applied, shall be
referred to a vote of the qualified electors of the State, and shall becom e a
law when approved by a m ajority of the votes cast thereon, and upon
proclam ation of the Governor, and not otherwise;
„„
(7) The veto power of t le Governor shall not extend to initiative or
referendum measures approved by a m ajority of the qualified electors;
(8) The reservation of the power of the Initiative and referendum In
this Article shall not deprive the Legislature of the right to repeal any law,
propose, or pass any measure which may be consistent with the constitution
of the State and of the United States;
(9) The Legislature shall make suitable provisions for carrying Into
effect the provisions of this Section;
That Section Sixteen (16) of said Article Three (3) shall be amended
so as to read as follows:
,
.
Section 16.— Each law enacted, whether by the Legislature or by the
people under the Initiative, shall em brace but one subject and m atter
properly connected therewith, which subject shall be briefly expressed In
the title, and no law shall be amended or revised to Its title only; but In
such case the A ct as revised, or section as amended, shall be re-cnactca
and published at length.
„ .
__.
That Section Seventeen (17) of said Article Three (3) shall be amended
S°S c c tlo n ell7 — E*vcryWbill passed by the Legislature shall be read by Its
title on Its first reading in either House, unless one-third of the members
present desire It read by sections. E very bill shall be read on three several
days, unless two-thinls of the members present when such bill may be
pending shall deem It expedient to dispense with this
shall be read by Its sections on Its second reading and on Itsi final passage,
unless on Its second reading two-thirds of the members Present, lriitms House
where such bill may be pending shall deem it e *j]c<l' p;” f A° r. J u n i f
rule. The vote on the final passage of every bill o rJ 0'" * L es®.lu*",h n ,-Intaken by yeas and nays, to be entered on the
' j„.Ciau,'
l.m '
Provided, That any general revision of the entire laws em bodied in any bill
shall not be required to be read by sections upon lts^lnal passage, and Its
reading may be wholly dispensed with by a two-thirds v o te . A m ajority
of the members present In each House shall be necessary to pass every bill
or Joint resolution. All bills or joint resolutions so passed shall be signed
by the presiding officer of the respective Houses and by the secretary of
the Senate and the Clerk of the House of Representatives.
( P . 0 . K n o x v i l l e ) , T e n n . — Bond Sale Declared
S t a t e S u p r e m e C o u r t o n O c t . 1 2 in a n o p i n i o n
h a n d e d d o w n b y J u d g e L a n s d c n , h e ld t h a t t h e c i t y h a d t h e
r i g h t t o p a y l a w y e r s ’ fe e s a n d t h e e x p e n s e o f p r i n t i n g b o n d s
o u t o f th e p r o c e e d s o f th e is s u e .
A b lo c k o f $ 2 5 ,0 0 0 b o n d s
fo r se w e rs a n d s in k in g fu n d p u r p o s e s w a s so ld o v e r a y e a r
a g o a t p a r ( V . 9 3 , p . 3 6 3 ) , t h e c i t y t o p a y t h e a t t o r n e y s fe e
a n d th e e x p e n s e o f p r in tin g th e b o n d s .
I t w as c o n te n d e d
t h a t t h i s b r o u g h t t h e p r ic e b e l o w p a r , b u t t h e C o u r t h e ld
th a t th e a t t o r n e y s ’ fe e a n d p r in tin g e x p e n s e s w ere n o t to
b e c o n s id e r e d a s a n y p a r t o f t h e p u r c h a s e p r i c e , a n d c o u ld
b e p a i d o u t o f t h e f u n d s r a is e d b y t h e s a le o r a n y o t h e r f u n d s
f r o m w h ic h t h e C i t y C o u n c il m i g h t d e s ir e i t .
P a rk C ity
Legal.— The
P o r t l a n d , O r e . — Charter Amendments to Be Voted Upon.
A t a s p e c ia l e le c t i o n t o b e h e ld N o v . 2 t h e r e w ill b e s u b m i t t e d
a s a lte r n a te p r o p o s itio n s tw o p r o p o s e d c it y c h a r te r s , b o t h
JCT. H> 1912]
THE CHRONICLE
providing a commission form of government. A number of
amendments to the existing charter will also be voted upon.
According to ttic Portland “ Oregonian,” ot Oct. 12, one of the proposed
charters places the city’s affairs In the hands of live commissioners, who arc
to be paid for their services and who must devote all of their time to official
business; they are to legislate and execute, and all other boards and conmlssions, with but one or two exceptions, are to be abolished. They arc to be
responsible tor everything concerning the city business. All of the features
of the so-called Oregon system, including the recall of officials, is Incor
porated.
The other proposed charter provides for a business manager, who shall
bo named by the Mayor and who shall be known as business manager of
the City of Portland at a salary not to exceed $10,000 a year, unless a
higher sum be first approved by vote of the people. He becomes the most
Important official, although the charter provides for a Mayor and seven
commissioners, the Mayor to draw $3,000 and the commissioners $2,400
each annually.
Six of the proposed charter amendments authorize bond Issues and these
are referred to on a subsequent page of this Issue. The other amend
ments, according to the “ Oregonian,” arc as follows:
To make It possible for the city to vacate streets for Its own use. If neces
sary, a previous Act passed by the people under the initiative having made
this Impossible.
Payment of sewer assessments under the bonding Act.
Three proposed amendments to leave the fixing ot salaries of the City
Engineer, City Attorney and City Treasurer in hands of Council. Each
of these officials, under the present charter, cannot be paid more than $ 2 0 0
a month.
A proposed amendment which detaches the handling of criminal cases In
the Municipal Court from the office of the City Attorney. A city prose
cutor is sought to be created, whose duty it shall be to take care of all cases
In Municipal Court, and the City Attorney’s office is not henceforth to be
compelled to do this work.
To make possible the application of the bonding Act to street-extension
assessments.
Question of retaining the provisions of the civil service in the police
department.
Making water bonds a direct obligation of the city. At present this paper
is not a direct obligation of the city In the strict legal sense, although no
serious question has ever been raised.
To change method of viewing street extensions. If this is adopted the
City Engineer will survey and view all street openings and extensions,
instead of the Council naming three viewers for each street.
Establishment of a public service commission. This provides for three
commissioners, who shall be paid $5,000 a year each, and who shall have
power to regulate rates and service of all public utility companies within
the city.
Operation of all bridges and ferries by the county In so far as the city is
able to declare. The object is to eventually secure, in connection with
the amendment, if It Is adopted, legislative enactment to give control of
these ferries and bridges to the county.
Directing that the Council, in placing public buildings, conform to the
plans ot E. II. Bennett for a city beautiful.
A referendum measure that will be on the ballot is that of the franchise
for the Northwestern Electric Co. This franchise was granted by the
Council. The Portland Hallway, Light & Power Co. sent out petitions for
a referendum on It, but the Council, at a special meeting, submitted It.
If the people uphold this franchise it will give the Northwestern Electric
Co. the right to conduct a light and power business in Portland in compe
tition with other companies.
Revere, M ass.— Citizens Favor Annexation to B oston .—A test vote was taken Oct. 14 to secure an expression of
preference on seven plans for the government of the town.
The plan to annex to the city of Boston received G58 votes,
while 158 favored changing from a town to a city; 85 were
for commission form of government, 13 for limited town
meeting, composed of one member for every 25 citizens, and
consolidation of executive departments; 9 for modified town
meeting of two annual meetings and a board of public works;
42 for limited town meeting, composed of one member for
every 50 voters, and a board of public works, and 23 for
old town-meeting form.
° t the seven plans submitted the three receiving the highest number of
votes will be submitted to the Legislature for consideration, and those plans
which the Legislature approves will be rc-submlttcd to the citizens at a
subsequent town meeting, when the one receiving the highest number of
votes will again be submitted to the Legislature to be put in legal form and
when approved will become effective.
1069
The following bonds are called for payment N ov. 1:
Name.
G ra d e B o n d s.
Dist.
A s h .......................................... 5 35
N os.ofB ds.
7-9 lncl.
g te lith ........................ 177 26-28 lncl.
Fourth ..................... 236
7-9 incl.
Frederick.................... 668
6-7
Gordon...............
691
3
5-7 lncl.
Jackson............. ....... 7 18
L ib e r ty ................... . . 2 9 3 30-32 lncl.
McClellan_________
31
10
Marshall------- ---------- 670
8-15 incl.
Marietta__________ 465
9
Nora................
671
9-12 lncl.
7
Nora ......................... 672
P rovidence.................254 19-21 incl.
I ekoa................
327
29
. ,
W a lk B o n d s .
A d a m s.......................269
The City Council on Oct. 10 appointed a committee to
negotiate for the acquisition of the domestic plant of the
Kyes Water Co. and the domestic and irrigating plants of
the Riverside Artesia Water Co. The consulting engineers
employed as appraisers reported that to acquire these prop
erties and the domestic plant of the Riverside Water Co.,
which was recently purchased by the city (V . 95, p. 248),
and to make the needed extensions and improvements, would
require a bond issue in the neighborhood of $1,100,000.
Shreveport, L a .— Correction.— 4t was inadvertently re
ported in last week’s “ Chronicle” that the election held
Oct. 7 resulted in favor of recalling Mayor J. H . Eastman,
Commissioner of Finance Claude G. Rives and Commissioner
of Public Safety S. C. Fullilove, whereas these officials were
re-elected by the following majorities: 630 for Mayor East
man, 289 for Commissioner Rives and 101 for Commissioner
Fullilove.
Bond Calls and Redemptions.
Spokane, W a sh .— Bond Call.—-The following special-impt.
bonds are called for payment on Oct. 15 at the City Treas
urer’s office:
Name.
Grade Bonds.
Dlst. Nos.Bonds.
B row n....................... 3 9
Buckeye _________ 4 7 1
Coeur d’Alene___ 102
Garlleld — ..............659
Grace ................. __197
Jackson....................457
Klernan ------------- 1 7 1
L ctaw ah_______ 480
Lacey .....................645
Madison ............. __863
Nora____ _____
4
Nineteenth............ .652
O a k ______________ 860
P o st-------------------- 461
S p o ffo rd .................. 267
Sixteenth............ — 407
Sixteenth__________ 866
Tw elfth.....................241
13
9
„
„Nam e.
Walk Bonds.
Dist. Nos.Bonds.
E K lp .......................... 06
I1 if t lx ___
4
4
P ost----------- 111111434
lncl. k ln t o ........................ 3
13
17
0
5
2-9
17-18
9 - 1 1 , lncl. „ .
. _
Sewer Bonds.
17-18
First W a r d .............. 16
6 -7
5
F i f t h ................................
6
4
16-13, lncl. H a v e r m a l o .
862
3
3 -4
In d ian a..........
693
4
14
M c C l e l l a n -------------- 694
2 -3
6-13, lncl. S p r a g u e ................. 274
20
3-4
13-14
Paving Bonds.
9-10
Lincoln ______
2
9
7 -9 ,
lncl. L in coln .........11111793
2 - 1 0 , lncl.
2
M onroe------- -------- 658 41-50, lncl.
12
Neward & Perry__ 521 20-32, lncl.
Dist.
N os.o fB ds.
3
11
Sew er B on d s.
A lle y ...................... ..466
A lle y ......................... 470
Bernard ...................330
D ivision.................... 6 8 8
Fourteenth...............706
L in coln ..................... 629
Mansfield...................695
Seventeenth .............584
Washington________715
10
15
11
6
5
4-8 lncl.
7-8
8 - 1 1 lncl.
2-7 incl.
P a v in g B o n d s .
22-40 lncl.
158
2-36 Inc
2-4 Inc
P a. — B ond
Broadway ................. 544
F ron t______
1
Manito Boulevard-.730
Wall ......................... 881
Abington Township, Montgomery County,
-Paymentwill be made N ov. 1 at the Jenkintown Nat.
Bank in Jenkintown of “ Class G” road improvement bonds
Nos. 448 to 475, inclusive, of $500 each.
Hawaii.— Bond Call.— Fire Claim bonds Nos. 216 to 297
inclusive ($82,000) have been called for payment at the
National Park Bank in New York. Interest will cease
N ov. 1 1912.
Call.
Bond Proposals and Negotiations this week
have been as follows:
ti,,(V9™'YnAM,.o,Ha,n?,Rden County, Mass.— B O N D S A L E . — On Oct. 15
tne *3U,oou 4% 1-30-yr. (ser.) coup, water bonds (V. 95, p. 993) were
awarded to Adams & Co. of Boston at 100.179 and int. Other bids follow:
Curtis & .Sanger, N. Y . . .........100.14 |N. W. Harris &Co., Inc., Bost. 100.07
A K R O N , Ohio.— D E S C R I P T I O N O F B O N D S . — The $128,000 4% 30-yr.
water-works-ext. bonds awarded on Sept. 19 to the Cleve. Trust Co. In
Cleve. at 102.27 (V. 95, p. 843) are In the nenom .of $1,000 each and dated
June 1 1912. Int. J. & D.
A L A M E D A , Alameda County. Cal.— B O N D S A L E . — On Oct. 15 the
Slo8,000 5% 1-40-yr. (ser.) coup. Municipal iinpt. bonds (V. 95, p. 700)
were awarded to N. W. Halsey & Co. of San Francisco for $163,940— making
the price 103.759.
„ r A h J i l ; B I LL S C H O O L
D IS T R IC T , R iv e r s id e C o u n ty ,
C a l.— BOND
i. m ,
- —"Gn Oct. 26 the voters will decide whether or not this district
shall issue $4,000 6% 5-20-yr. (ser.) bidg. bonds, according to reports.
O IS T R IIT
(P . 0 .
A lb io n ),
B oon e C o u n ty ,
N e b .—
a vote of 241 to 205 the proposition to issue the
h.^ 1 n ' ? 0: 71,
bldg. hauls (V. 95, p. 917) carried at the
for sale*11!ft 11 after o v W|° arC alvisCll tllat these bonds will not be offered
C O U N T Y ( P . O . L i n n ) , Ohio. — B O N D O F F E R I N G . — Proposals
wlU be received until 12 m. Nov. 8 by the County Commrs., C. R. Phillips,
Clerk, for $6,030 5% coupon ditch-impt. bonds. Auth. Sec. 6489, Gen.
Code. Denom. $670 Int. semi-ana. at the County Treas. office. Due
$670 In 6 months and $1,310 each six months thereafter. Cert, check f o r
10% of bonds bid for, payable to the County Treas., required. Bonds to
be delivered within 3 days from time of award. Purchaser to pay accrued
Interest.
A L V A , W o o d s County, O k l a . — B O N D S A L E . — This city h a s d i s p o s e d
of the $55,000 6% 25- . r. coupon water-works-ext. bonds voted March 19
(V. 94, p. 920). Int. M. & S. at the fiscal agency In N. Y.
A L V IS O
SCH OOL
D IS T R IC T ,
S a n ta
C la r a
C ou n ty ,
C a l.—
Description
of Bonds. — The $7,000 5% 1-14-year (ser.) bonds awarded on Aug. 26
Torrance, Marshall & Co. of Los Angeles at 101.08 (V. 95, p. 700) are
the denom. of $500 each and dated Sept. 1 1912. Int. M. & S.
AN TW ERP
SCH OOL
D IS T R IC T
(P .
O.
A n tw e r p ),
P a u ld in g
in
to
C ou n ty ,
Ohio.— BON D S A L E . — The $6,000 5% building bonds authorized by a v o t e
of 143 to 68 on Sept. 27 have been awarded to Spltzer, Rorick & Co. of Tol.
, A R I Z O N A . — SO.VO O F F E R I N G . — Proposals will be received until
,
>5C' °
G- l' • Johnson, State Treas., at Phoenix, for $2,000,000
4% lo-2o-yr. (opt.) gold Territorial refun 1. bonds. Auth. Chap. 29 Special
Session of the First State Legislature. Deno.n. not more than $1,000 and
not less than 5100. Int. am . in J an. at the State 'Treas. office. Cert,
check for 5% of bid required.
SC H O O L D IS T R IC T
Riverside, Cal.— -Negotiations Started for Purchase of
Properties o f K yes Water Co. and Riverside Artesia Water Co.
4
Name.
Heroy......................... 880
M allon____________ 252
( P . O . A s h l e y ) , D e la w a r e C o u n t y , O h io .—
On Oct. 12 $4,000 4 % coupon school bonds were awarded
to F. W. Whipple of Ashley at 100.875 and int. A bid of $4,030 75 was
also received from C. F. Sperry. Denom. $500. Interest payable at the
F'ariners’ Bank in Ashley. Due from 1914 to 1922.
A T L A N T I C C I T Y , N . J . — B O N D S A L E . — W e are advised that of the
$50,000 harbor-impt. bonds recently authorized (V. 95, p. 635), $15,000
will be taken by the Sinking Fund.
B O N D S P R O P O S E D .— It Is stated that tills city Is considering the
Issuance of $100,000 additional water-main and $200,000 draln-systemcxtenslon bonds.
A T T L E B O R O U F H , M A S S . — B O N D S A L E . — On Oct.
18 $75,000 4%
16-30-yr. (ser.) sewer bonds were awarded, it is stated, to Estabrook
& Co. of Boston.
A U G U S T A , K e n n e b e c C o u n t y , M e . — B I D S . — T h e other bids r e c e i v e d
on October 8 tor the $33,000 4% 1-10-yr. (ser.) school-bldg, bonds a w a r d e d
to the Kennebec Savings Bank o t Augusta at 100.5925 (V. 95, p. 993) w e r e
as follows:
Adams & Co., Boston.............. 100.3 41Fidelity Trust Co., Portland 100.091
Edmunds Bros., Boston...........100.281 Perry, Coffin & Burr, Boston.100.06
P. W. Brooks &Co., Boston.. 100.25| Chas. II. Gilman &Co., Portl. 100
Denom. $1,000 and $300. Date June 1 1912. Int. J. & D.
AUSTIN SCHOOL DISTRICT, Santa Clara County, Cal.— B O N D S A L E .
— On Oct. 7 the $4,500 5% 2-10-yr. (ser.) bldg, bonds (V. 95, p. 767) were
awarded. It Is stated, to O. F. Hardle3 for $4.535— making the price 100.77.
„ AVINGER INDEPENDENT SCHOOL DISTRICT (P. O. Avinger).
Cass County, Tex.— B O N D S A L E . — The $5,000 5% 20-40-year (opt.)
bonds registered on Aug. 24 by the State Comptroller (V. 95, p. 635) have
been awarded to the county at par and Int. Denom. $100. Date July 1
1912. Interest annually in July.
BAKERSFIELD, Kern C o u n t y , C i l . —- B O N D S A L E . — On Oct. 7 the
$210,000 sewer and $150,000 city-hall 5% bonds (V. 95, p. 917) were
awarded to the Security Trust Co. ot Bukersileld for $368,150 (102.263) and
Int. Denom. $1,000, $750 and $250. Date Oct. 1 19 1 2 . Int. A. & O.
BARTOW COUNTY (P. O. Cartersvillc), Ga.— NO A C T I O N Y E T
T A K E N . — The County Clerk advises us that no action has yet been taken
looking toward the Issuance of the $400,000 road bonds (V. 95, p. 312.)
BASTROP COUNTY (P. O. Bastrop), Texas.— B O N D S A L E . — Accord
ing to reports, the $103,000 5% Road Precinct No. 1 constr. bonds offered
on Oct. 10 (V. 95, p. 700) have been sold.
B E A V E R . B e a v e r C o u n t y , P a . — NO B O N D E L E C T I O N . — T h e r e p o r t *
that an election would be held Nov. 5 to vote on the Issuance of $110,000
sewer bonds (V. 95, p. 635) were erroneous.
BELLE PLAINE, Benton County, Iowa— B O N D S A L E — Local papers
state that the $5,503 sewerage-system-construction bonds hare been pur
chased by the Citizens’ National Bank ot Belle Plaine.
BEND, Cook County, Ore.— B O N D S A L E . — Reports state that the
$60,000 20-yr. sewer-constr. bonds offered on Sept. 24 (V. 95, p. 560) have
been purchased by Farson, Son & Co. of Chicago for $60,944 (101.573),
int. and lithographed bonds.
BENNINGTON, Ottawa County, Kansas.— B O N D S V O T E D . — A t an
election held Oct. 14 the question of issuing $15,000 water-works bonds
carried by a vote of 81 to 18.
BENTON COUNTY SCHOOL DISTRICT NO. 9. Ore.— B O N D S A L E . —
On Sept. 10 $15,000 5% 10-20-yr. (opt.) bonds were awarded) to Morris
BOND SALE.
1070
THE CHRONICLE
Bros, of Portland at 100.35 lnt. and blank bonds. Denom. $1,000 or $500.
Int. at the County Treas. office or the fiscal agency In N. Y. A similar
issue of bonds was sold on June 5 (V. 95, p. 65.)
BEVIER Macon County, Mo,— B O N D S D E F E A T E D . The election
held Oct. 8 resulted in the defeat of the proposition to issue the $11,000
20-year electric-light-plant bonds (V. 95, p. 917). The vote was 150 for
to 100 "against,” a two-thirds majority being necessary to cany.
BIO SPRINGS, Howard County, Tex.— B O N D E L E C T I O N P RO
P O S E D . — Reports state that the City Council has called an election to
submit to the voters the question of issuing $50,000 water-works bonds.
BIGGS SCHOOL DISTRICT, Butte County, Cal.— B O N D S D E F E A T E D .
— The election held Sept. 27 resulted in the defeat of the proposition to issue
$ 1 0 , 0 0 0 bonds, reports state.
BIRMINGHAM, J e f f e r s o n C o u n t y , Ala.— B O N D S A L E . — This city has
disposed of the $17,000 bonds (V. 95, p. 635), we are advised.
BLACK CREEK DRAINAGE DISTRICT, Holmes County, Miss.—
B O N D O FF E R IN G . — Proposals will be received at any time by Noel,
Boothe & Pepper, attorneys (P. O. Lexington), for $18,200 6% tax-free
drainage bonds. Denom. (32) $500 and (22) $100. Int. A . & O.
BOGATA INDEPENDENT SCHOOL DISTRICT (P. O. Bogota). Red
River County, T e x — N O A C T I O N Y E T T A K E N . — No action has yet
been taken looking towards the Issuance of the $12,000 5% 40-year building
bonds voted Aug. 3 (V. 95, p. 434).
BOISE CITY, Ada County. Idaho.— B O N D SALE' N O T C O N S U M
M A T E D — The City Treasurer advises us under date ofO ct. 8 that, owing
to irregularities in the proceedings, the sale of the $9 0 , 0 0 0 5
10-20-yr.
(opt.) gold coupon refunding bonds awarded on May 17 to the Boise Nat.
Bank (V. 94, p. 1461) has not been consummated.
BONHOMMF COUNTY (P O. Tyndall), So. Dak.— B O N D E L E C T I O N ,
— On Nov. 5 the voters' will have submitted to them the question of issuing
$65,000 court-house and Jail bonds.
BOXBUTTE COUNTY (P. O. Alliance), Neb.— B O N D E L E C T I O N .—
An election will be held Nov. 5 to vote on the question of issuing $75,000
i % 20-yr. bonds.
BRATTLEBORO, Windham County, Vt. B O N D S A L E . — This town
has disposed of the following bonds (v . 94, p. 997.)
$20,000 4% coupon sidewalk bonds. Date July 1 1912. Due $3,000 in
1919, $6,000 in 1920 and 1921 and $o,000 in 1922.
3.000 library and $7,000 road bonds. Due $1,000 in 1916 and $3,000
in 1917. 1918 and 1919.
BRAZORIA COUNTY (P. O. Anglcton). Texas.— B O N D E L E C T I O N
P R O P O S E D . — This county is considering the advisability of voting on the
Issuance of $250,000 road bonds, reports state.
BRENNER COUNTY (P. O. Waverly), Iowa.— B O N D E L E C T I O N .
On Nov. 5 the voters will have submitted to them the question of issuing
$150,000 10-yr. court-house bonds.
BPOCKPOPT Alonroc County, N. Y.— NO A C T I O N Y E T T A K E N .
No action has yet beei^takentooking towards the Issuance of the $275,000
bonds voted July 30 (V. 95, p. 496).
BUREAU COUNTY (P. O. Princeton), 111.— B O N D E L E C T I O N .— At
the November election the voters will decide whether or nor this county will
issue bonds for a courthouse.
BURLINGAME, San Atateo County. Cal.— B O N D E L E C T I O N . — On
Nov. 1 the question of Issuing $175,000 water-works bonds will be sub
mitted to the voters, according to reports.
BURLINGAME. Coffey County. Kans.— B O N D S V O T E D — B e ports
state that this city on Oct. 10 authorized the Issuance of $56,000 sewerimpt. and water-works bonds (V. 95, p. 844) by a vote of 170 to 168.
BURTON. Geauga County. Ohio.— R O N D OF F ER IN G .— Proposals
will be received until 12 m. Nov. 20 by A .C . Brown, Vil. Clerk, for the fol
lowing 5% coupon bonds:
, , „
^ ,
$7,500 No Cheshire St. lmpt. assess, bonds. Auth. Sec. 3914, Gen. Code.
Denom. $750. Due $750 yrly. on Oct. 1 from 1913 to 1922 lncl
5.000 No. Cheshire St. impt. (village’s portion) bonds. Auth. Sec. 3820
and 3821, Gen. Code. Denom. (2) 5250, (9) $500. Due $250
Oct. 1 1913 and 1914, and $500 yrly. on Oct. 1 from 1915 to 1923 lncl.
Date Aug. 1 1912. Int. A. A O. at the First Nat. Bank in Burton.
Cert, check for 10% of bonds bid for,payable to the Vil. Trcas., required.
Bonds to be delivered and paid for within 10 days from time of award.
Purchaser to pay accrued interest.
BUTLER COUNTY (P. O. Allison), Iowa.— B O N D EL E CT IO N '-— The
proposition to issue $10,000 jail bonds will be submitted to a vote on Nov. 5.
CM 1PORNIA— B O N D S TO B E O F F E R E D S H O R T L Y . — According
to reports the State Trcas. will advertise in Nov. for the sale of $23,600,000
bonds, consisting of $16,400,000 for highways and $7,250,000 for harborimpt.
_
CANISTEO, Steuben County, N. Y .— B O N D S A L E . — On Oct. 14 the
$12 000 strcet-lmpt. bonds (V. 95, p. 994) were awarded to Adams & Co.
of N. Y. at 100.10. Denom. $500. Date Sept. 1 1912. Int. ann. in July.
Due part yrly. July 1 from 1913 to 1918 lncl.
CANONSBURG. Washington County. Pa.— B O N D E L E C T I O N . — An
election will be held Nov. 5 to determine whether or not this borough shall
issue $12,000 funding bonds.
CANTON, Stark County, Ohio.— B O N D S A L E .- On Oct. 14l the follow
ing bids were received for the four issues of 4 H % bonds aggregating $14,400
llaydcn,% im er A Co., Cleveland..................$192 00 premium for $14,400
Tillotson A Wolcott Co., Cleveland............... 174 27 prem um for 14,400
Seasongood & Mayer, Cincinnati------- -------- 162 50 prem um for 8,800
Firemen’s Pension Fund, Canton_________
15 00 premium for
l,o00
CASCADE COUNTY (P. O. Great Falls). Mont.— BOND E L E C T I O N . —
On Nov. 5 the voters will decide whether or not this county shall issue
$60,000 court-house-ext. and jall-constr. and $45,000 Missouri River-bridgcconstr. 5% coupon bonds. Denom. $1,000. Due 20 yrs. from date.
CEDARHURST, Nassau County, N. Y. B I D S . The other bids received
on Oct. 10 for the two issues of gold rcg. bonds aggregating $32,000,
awarded to Douglas, Fenwick A Co., of N. Y. (V. 95, p. 994) were as follows:
$30,000
$2,000
[ VOL. L X X X X V .
CHASE CITY, Mecklenburg County, Va.— BON'D S A L E .— The $45,000
5% 30-yr. water and sewer bonds voted Aug. 29 (V. 95, p. 636) have been
awarded to the J. B. McCrary Co. of Atlanta.
CHATTANOOGA. Hamilton County, Tenn.— B O N D S A L E . — On Oct. 9
the $45,000 4 H% 30-yr. coup, paving (city's portion) bonds (V- 95, p. 844)
were awarded to Harvey Fisk & Sons of N. Y . for $45,084 37 (100.187)
and int. Other bids were received from Seasongood & Mayer of Gin.,
Townsend Scott & Son of Balt., Blodget A Co. of N. Y . and the Ameilcan
Trust & Banking Co. and the Volunteer State Life Ins. Co. of Chattanooga.
CINCINNATI, Ohio.— B O N D O F F ER IN G . — Proposals will be rcclvcd
until 12 m. Nov. 19 by I. D. Washburn, City Aud., for the following 4 /0
sllo^OO s'treet-lmpt. (village’s portion) bonds (V. 95, p. 249). Date
Sept. 1 1912. Due Sept. 1 1932.
.
160 000 water-works-impt. bonds (V. 95, p. 636). Date Sept, l u i 2 .
Due Sept. 1 1942.
75 000 University bldg, and equip, bonds. Date June 15 1912. Due
’
June 15 1952.
Auth. Sec. 3939, Gen. Code. Denom. $500. Int. scml-ann. Cert,
check for 5% of bonds bid for, payable to the City Aud., required. Bids
must be made on blank forms furnished by the City. Purch. to pay
accrued interest.
COATSVILLE, Chester County. P a — B O N D O F F ER IN G . -Proposals
will be received until 1 p. m. Oct. 24, reports state, by J. V. Pcnncgar,
Borough Treas., for $25,000 4 M% 30-ycar tax-exempt water and street,
impt. bonds. Interest semi-annual. Certified check for 5% required.
COMANCHE COUNTY COMAION SCHOOL DISTRICT NO. 7. Tex.—
B O N D S A L E — The $1,000 5% 5-10-year (opt.) bonds registered by the
State Comptroller on Aug. 20 (V. 95, p. 636) have been purchased by the
American National Bank of Austin.
COMANCHE COUNTY COMMON SCHOOL DISTRICT NO. 65, Tex.—
B O N D S A L E . — The remaining $7,000 of the $10,000 5% 10 - 40-year (op t)
building bonds registered by the State Comptroller on Sept. 10 (V. 0o, i .
768) have been purchased by the State.
CONNELLSVILLE. Fayette County, Pa•“
nV\ o wmf s the
— No action will be taken this year, wc arc advised, looUng towards tne
Issuance of the $100,000 street and sewer bonds recently proposed (V. 9o,
P COOKE COUNTY (P. 0 . Gainesville). Tex-— BOND
E L F C T IO N P m -
P O S E D .— According to reports, the voters of Precinct N olw lll proDaoiy
have submitted to them the question of Issuing $200,000 road bonds.
CORCORAN UNION HIGH SCHOOL DISTRICT <P. O. Corcoran).
Kings County. Cal— B O N D E L E C T I O N P R O P O S E D .— -This district will
vote in the near future on a proposition to issue $60,000 building bonds,
reports state.
C O W L I T Z C O U N T Y S C H O O L DISTRICT N° . 32 W a s h . — BOND ONF E R I N G . — Proposals will be received until 2 p. m. Oct. 21 by II. C.Dunham, Co. Trcas. (P. O.Kalama), for $5,000 l-io-y r. (o p t )
free bonds atnotcxcceding6% interest. Auth. Chap. 28, bee. 4607, Rem bigton & Ballinger’s Annotated Codc& Statutes; also elect on held Aug. 17.
Denom. $500 Int. annual Cert, check for 1% , payable to the Co. Ireas.,
required.
CUYA/V1A SCHOOL DISTRICT, San Luis Obispo County, CaL— BOND
E L E C T I O N .— The voters will deeide on Oct. 22 whether or not tills district
shall issue $3,000 bonds, according to reports.
HANSVII IE I ivinzston County, N. Y.— B O N D S V O T E D . At an
election held Oct. 11 the propostlon to issue $43,400 paving bonds carried
by a vote of 375 to 40.
DUNKIRK. Hardin County, Ohio— B O N D ELBCTZON— Reports
state that on Nov. 11 the electors will vote on the issuance of $lo,000 city
hall-construction bonds.
„
,ir
havc^^ust^Mn^mlvdsed’ tlb ^ L a ^ v iv n cm '^ ia n u u n ^ ^ ^ ^ ^ f
awarded the $00,000 4}*% tax-free bonds (V. 9o, p. 435) on Aug. 2 0 .
EDMONDS. Snohomish County, W a s h . — BOND
On Sept.
Sis 99 .184 6 % 10 - 20 -yr. (opt.) funding bonds were awarded to Larstcns
& Earles, Inc., of Seattle. Denom. $1,000. Int. scml-ann.
p i I q v v o O 'T H
H a n c o c k C o u n t y , A le .— B O N D S A L E .
T h is c i t y h a s
disposed of the $30,000 4% bonds (V. 94, p. 1399). Due June 1 193-.
FMSWORTH (P. 0 . Allegheny), Allegheny County, Pa.— B O N D
E L E C T I O N .— On Nov. 5 the voterswill decide whether ornot tills borough
shall issue $24,000 funding bonds.
ERIE COUNTY (P. O. Sandusky). Ohio.— B O N D S A L E . — On1 Oct. 17
the $43,000 4% 5 5-6-yr. (av.) refunding bonds (V. 05, p. 768) were
awarded, it is stated, to the Third Nat. Exchange Bank of Sandusky foi
$43,000 (100.348) and lnt.
ESCONDIDO GRAMMAR SCHOOL DISTRICT, San Diego County, Cal.
__ jVO A C T I O N Y E T T A K E N . — We are advised by the Go. Irens, undei
date of Oct. 9 that no action has yet been taken looking towards the issu
ance of the $8,000 bldg, bonds voted Aug. 17 (V. 95, p. 561).
p e e p x SCHOOI DISTRICT (P. (). Essex), Chittenden County. Vt.—
BON/i S A L E . — On Oct. 10 the $25,000 4% 1-10-yr. (ser.) bldg, bonds
(V 95 p. 845) were awarded to N. W. Harris A C’o., Inc., of Dost n.
EVANSTON TOWNSHIP SCHOOL DISTRICT (P. O. Evanston). Cook
” against,” '"theApropositkm' 't o issue $250 o V ‘high'school-addition bonds
failed to carry at a recent election, according to reports.
FARIBAULT SCHOOLDISTRICT (P. O. Faribault), W
2*2^1 >5 0 ‘ 0 0 0
— B O N D S V OT ED — At a recent election the question of l a s t .->0,00
high-school-building bonds carried, according to reports. Vote 109^ to339.
FARMDALE SCHOOL DISTRICT, Los Angeles County, Cal.— BO N D
SA LE .- —On Oct. 7 the $5,000 5'% bldg, bonds (V. 95, p. 9 18 ) were awarded,
it is stated, to Torrance, Marshall A Co. of Los Angeles at 102.24.
PAPMINflTON Whitman County. Wash.— B O N D S VO TE D . At a
recent election the voters authorized the issuance of $10,000 water-system
'^ F W F T T F V h / e
N
Y — B O N D S A L E — Wo have just learned that
anLsue' of $27,000 water onds ^as awarded a ou| a month ago to Isaac
A. W. Sherrill of Poughkeepsie at 100.L J fm 4.80 s
Adams A Co., N. Y ., (for 4.50s)------------------------- $30,054*40........... - - - - -
FI INT Genesee County, Mich.— B O N D S P R O P O S E D ,
ihis city is
Curtis & Sanger, N. Y (for 4.55s).............................. 30,033 oO
$2,00- 00
h S is, Forbes & Co., N. Y. (for 4.60s)..................... 30,084 30
2,00562 considering the issuance of street and sewer bonds.
PDPAKFR Osage County. Okla.— B O N D E L E C T I O N P R O P O S E D . Parkinson A Burr, N. Y. (for 4.60s) — ■-------------- 95
- kkN™
Wm. It. Compton Co., Chicago (for4.6os)...............30,017 oO
2,000 00 Report^state that an ejection will be held in the near future to submit to
the voters the question of Issuing water-works-system bonds.
Parson, Son A Co., N. Y. (for 5s).............................. 30,000 00
--------POgT-lPIA Seneca County, Ohio.— B O N D S A L E . — On Oct. 10 the two
CENTRALIA, Lewis County, Wash.— B O N D E L E C T I O N .— It Is re
ported that the voters will have submitted to them on Dec. 10 the question i«ViVsof4 tV% 1 -I 0 year (serial) street-impt. assessment bonds, aggregating
of Issuing $300,000 25-yr. bonds for the purchase of the water plant of the $20,000 (V. 95, P- 845) were awarded to Breed A Harrison of Cincinnati
Washington-Oregon Corporation and construction of a municipal gravity
a tnn vras^vM ^B O ^D .— Reports state that the $1,000 4 % 1 - 10 -year
water system.
CERRO GORDO COUNTY (P. O. Mason City) , It*.— B O N D E L E C T I O N . (serial) sewer assessment bonds offered on the same day (Oct.10) were
— At the general election the propostion to issue $20,670 county-farm not sold (V. 95, p. 845).
r o w 1 PP Fresno County. Cal.— B O N D S V O T E D . — The election held
bonds will be submitted to a vote, according to reports.
CHAMBERS COUNTY. Texas.— D E S C R IP T I O N OF BO N D S . -The 0 c t^ r e s u lte d I n ™ v o ? ofth e proposition to Issue the $45,000 5% sewer515.000 5% 2 0 -4 0 -year (opt.) District No. 1 drainage bonds registered on system and water-works bonds (V. 95, p. 844). The vote was 471 to 97.
c d a m k 'II N COUNTY (P O Mcadville), Miss.— B O N D S A U T H O R
Aug. 16 (V. 95, p. 635) are in tho denom. of $500 each and dated Nov. 18
1911. Interest A. & O.
..
,
, I Z E D — Reports state that on o’et. 8 the Supervisors authorized the issu
B O N D S A L E . — The $6,000 5% 10-20-ycar (opt.) D Istret No. 1 road
ance of $30,000 court-house-constr. bonds.
bonds registered on Aug. 16 (V. 95, p. 635) have been sold to Mr. Fudge
•f Chicago at par and interest.
tlon of issuing $80,000 bridge-construction bonds.
CHAMBERSBURG, Franklin County, Pa•— B
D
r „™
posals will be received until 8 p. m. Oct. 24 by the Huance Committee,
FRELINOHUYSEN TOWNSHIP SCHOOL DISTRICT H». 0 . Johnson
Thos. J. Brcrcton, Chairman, for $50,000 4
coupon bonus. Denom.
$500. Date Sept. 1 1912. In t.M . & S . Due 3 0 yrs., but ten of such
10-yr. bldg,
bonds may be drawn by lot and redeemed on March 1 of any year. cert, " for* ’ ’ t«V24r “ against ”Vthe ’ p'ropos itkm^t (> issue $5,500 4
bonds failed to carry at an election held Sept. 28.
check for 2% of bonds bid for required.
CHAMPAIGNE COUNTY (P. O. Urbana), Ohio.— B O N D OF F ER IN G —
PDPgMn rniINTV (P O Mndero). Cal.— B O N D E LE C TI O N PRO
The County Commrs. will offer at public auction at 11 a. m. Nov. 4 $--,000 P O S E D . — It is reported that tills county will submit to the voters the
4 % coup. Mad River impt. North Ditch No. 355 bonds.
Auth. See. 6492 question of issuing $600,000 lateral construction bonds.
and 6508, Gen. Code. Denom. $1,000. Date Nov. 4 1912. Int. M. A N .
Fill T O N O s w c z o C o u n t y . N . Y . — B O N D S A L E — On Oct. 14 Douglas
*t office of Co. Trcas. Due $1,000 on Nov. 4 1915 and 1916, $3,000 April 4 Fenwick
Co. of New York purchased $25,000 4.45% watcr-maln-cxtcnslon
and Nov. 4 1917, $3,000 April 4 1918, $4,000 Nor. 4 1918, $3,000 April 4 bonds at &
Denom. $1,250. Date Oct. .5 1912
Int. A. A O - at
1 9 1 9 and $4,000 Nov. 4 1919.
Cert, check for 10% of bonds awarded, t h e U. S. 100.174.
Mtgo.
& Trust Co. in N. Y. Due $1,250 yearly Oct. 25 191.1 to
payable to the Co. Trcas., required. Bidders must satisfy themselves of
1932, Inclusive.
the legality of the Issue.
Oct. 19 1912 ]
T H E C H R O N IC L E
These bonds were previously awarded to E. II. Rollins & Sons of N. Y .
(V. 05, p. 374), but were later declined. It having been discovered that the
city had not accepted the highest bid received at the sale.
FULLERTON UNION HIGH SCHOOL DISTRICT <P. O. Fullerton),
Orange County, Cal.— B O N D E L E C T I O N .— According to reports, the
voters will decide on Nov. 4 whether or not this district shall issue $250,000
high-school-completion bonds.
GADSDEN COUNTY (P. O. Quincy), F la — B O N D S A L E . — The Quincy
State Hank In Quincy was awarded at 102 the $60,000 5% 20-yr. court
house bonds of which $55,000 were offered for sale May 27 (V. 94, p. 1339).
Denom. $1,000. Date July 1 1912. Int. ann. In July.
GALLIPOLIS, Gallia County, Ohio.— B O N D O F F E R IN G — Proposals
will be received until 12 m. Dec. 20 by C. C. Ingels, CityAud., for $18,000
4% refund, bonds. Denom. $100. Date Dec. 20 1912. Int. J. & D.
Due Dec. 20 1932. Cert, check for 5% of bonds bid for, payable to the
City Treas., required. Bonds to be delivered within 10 days from time of
award. Purchaser to pay accrued Interest.
GEDDES UNION FREE SCHOOL DISTRICT NO/2, Onondaga County,
N. Y.— B O N D S A L E . — On Oct. I t the $150,000 4 >3% coupon or registered
site-purchase and building bonds (V. 95, p. 995) were awarded to S. A.Kean
& Co. of N. Y. at 101.40. Bids were also received from Parson, Son & Co.
of New York, and Isaac W. Sherrill of Poughkeepsie.
GENESEE COUNTY (P. O. Flint), Midi.— B O N D S A L E . — On Oct. 15
the $100,000 4 H% 10-yr. (av.) .Series “ C” road bonds (V. 95, p. 918)
were awarded to the Nat. Bank of Flint In Flintand Bolger, Mosser &
Wlllaman of Chicago at 102.130 and Int. Other bids follow:
N. W. Ilalsey & Co., C h ic-.$101,5801Harris Tr. & Sav. Bk., Chic.$100,578
John Nuveen & Co., C h ic.. 101,507 Detroit Trust Co., Detroit 100,000
Security Trust Co., Detroit. 100,7551Genesee Co. Sav. Bk., D ct. 100,000
GENEVA, Ontario County, N. Y.— B O N D S V O T E D . — This city voted
the $80,000 city-hall bonds at the election held Oct. 14 (V. 95, p. 918),
the vote, according to reports, was 686 to 190.
GLOUCESTER COUNTY (P. O. Woodbury), N. J.— B O N D S A U T H O R
I Z E D . — The Board of Freeholders recently adopted resolutions, It is stated,
providing for the Issuance of $69,000 road and bridge constr. bonds.
GRANT’S PASS, Josephine County, Ore.— B O N D S A L E S . — The First
Nat. Bank of Cleveland was awarded on Sept. 6 for $80,595 50 (100.744)
the $80,000 5% 20-year warrant-funding bonds offered on Mav 2 (V. 94,
p. 999).
We have Just been advised that Terry, Briggs & Slayton of Toledo were
awarded on April 23 for $16,197 85 (100.309) an issue of $16,147 85 6%
1-10-year (opt.) funding bonds. Denom. $500. Date Oct. 1 1911. Int.
A. & O.
GREELEY COUNTY SCHOOL DISTRICT NO. 3 , Neb.— B O N D S A L E . —
The State of Neb. was awarded at par during Sept. $1,000 4)4% bonds of
this district. Date Sept. 12 1912. Due Sept. 15 1 9 1 4 .
1071
. ,NO ACT/O.V Y E T T A K E N . — We are advised that no action will be
taken this year looking towards the Issuance ofthe$150,000 4 1 4 % 3 0 -yr.
water bonds offered without success on Sept. 17. (V. 95, p. 769.)
.i
Hamilton County, Iowa.— B O N D S V O T E D . — At the elec° c t- 11 ttle proposition to issue the $5,000 water-works bonds
(V. 9.>, p. 769) carried by a vote of 125 to 3.
JOHNSTOWN, Licking County, Ohio.— B O N D S A L E . — On Oct. 17 the
o Issues of 5% street-impt. bonds, aggregating $16,943 96 (V. 95, p . 845)
were awarded, it is stated, to Weil, Itoth & Co. of Cincinnati for $17,501 9*
— making the price 103.299.
.JOHNSTOWN, Cambria County, Pa.— B O N D S N O T Y E T S O L D . —
the City Treas. advises us, under date of Oct. 12, that no award has yet
been made of the $50,000 4% l0-30year (opt.) ooupon Hayes St. bridge
bonds offered without success on Sept. 2 (V. 95, p. 637).
JORDAN SCHOOL DISTRICT, Merced County, Cal.— B O N D S A L E —
On Oct. 8 the $4,800 6% school bonds dated Nov. 1 1912 (V. 95, p. 918)
were awarded to the American Savings Bank of Los Angeles for $4,833—
making the price 100.687.
.K A N K A K E E COUNTY (P. O. Kankakee), III.— B O N D S A L E —
According to local papers, an Issue of $31,000 5% Ganeer Twp. road bonds
has been sold to N. W. Halsey & Co. of Chicago at par.
KANSAS CITY SCHOOL DISTRICT (P. O. Kansas City). Jackson
County. Mo. B O N D O F F E R IN G .— W e are advised that E. F. Swinney
Dlst. ireas., will offer at private sale the $2,000,000 4% gold coup. bldg,
bonds voted June 1 (V. 94, p. 1581). Denom. $1,000. Date July 1 1912.
int. J. * J. at Nat. Bank of Commerce In N. Y. Due July 1 1932.
COUNTY <P- O. Kaufman), Tex.— B O N D E L E C T I O N
j .™ y l U SE D. — ihe question of submitting to a vote the issuance of $200,
000 road bonds is being agitated, according to reports.
• KENMORE, Summit County. Ohio.— B O N D E L E C T I O N .— On Nov. 5
the voters will have submitted to them the question of issuing $100,000
water-works-plant-constr. and site-purch. and $70,000 slte-purch. and
sewage-disposal-plant-constr. bonds.
, r l5 £ RRVI,LkE) Kerr County, T ex.— B O N D S A L E . — The $20,000 5%
lo-40-year (opt.) street-impt. bonds registered on Aug. 26 (V. 95, p. 637)
were purchased during August by Chas. Schreiner. Denom. $500. Date
May 1 1912. Int. M. & N.
. *5*‘NO COUNTY ( P . O. Seattle). Wash.— B O N D E L E C T I O N . — Reports
state that the proposition to issue $28,0000 fair-ground-site-purchase
bonds will be submitted to the people on Nov. 5.
KUTZTOWN, Berks County, Pa.— L O A N E L E C T I O N . — Reports state
that tiie election to vote on the loan of $4,000 to Improve the town hall
and fire station (V. 95, p. 995) will be held Dec. 2.
L^9o^'V^.A ^ NA- Erie County, N. Y — B O N D S A L E . — On Oct. 7
tlCo?A30’ 000 4 ^ % 13)4-yr. (aver.) tax-free street-impt. bonds (V. 95,
p. 846) were awarded to Adams & Co. of New York for $130,355 (100.273)
and Int. No other bids were received.
. . 9 L ? ALLE> Niagara County. N. Y.— B O N D S R E - A W A R D E D . — The
$42,500 water bonds awarded on Sept. 3 to Douglas Fenwick & Co. of N. Y .
#
72s? were re-awarded to them on Oct. 14 for $42,625 (100.294)
for 4.70s. The original sale was not consummated because of a defect
In the advertisement.
LATAH, Spokane County. Wash.— B O N D S V O T E D . — A t an election
, IJANFORD. Kings County, Cal.— B O N D S V O T E D . — At the election
held Out. 1 the propositions to Issue the $25,000 flre-impt. and $80,000 held recently the Issuance of $11,000 water-system bonds received a favor
sewer-system bonds (V. 95, p. 702) carried, according to reports. The able vote, according to reports.
vote was 532 to 266 and 542 to 268, respectively.
LAWRENCEVILLE. Gwinnett County, Ga.— B O N D O F F E R I N G .—
HANCOCK COUNTY (P. O. Findlay), Ohio.— B O N D E L E C T I O N : — An Proposals will be received until 4 p. m. Nov. 4 for the $15,000 5% 30-ycar
election will be held Nov. 5 to decide whether or not this county shall is sewer bonds voted Sept. 21 (V. 95, p. 919).
sue $25,000 bridgc-constr, bonds, reports state.
LEHIGHTON, Carbon County, Pa.— B O N D S A U T I I O R I Z E D . — Accord
HARDSCRABBLE IRRIGATION DISTRICT (P. O. Florence). Fremont ing to reports, the Town Council has authorized the Issuance of $11,000
County, Colo.— B O N D S V O T ED . — At the election held Oct. 7 the propo sewer construction bonds.
sition to Issue the $950,000 6% lrrlgatlon-works-constr. bonds (V. 95,p.918)
LEWIS AND CLARK COUNTY SCHOOL DISTRICT NO. 5 (P. O.
carried by a vote of 15 to 1. Due 5% 11 years, 0% 12 yrs., 7% 13 yrs., Helena). Mont.— B O N D S A L E — The $2,000 6% 5-10-yr. (opt.) bonds
8% 14 yrs., 9% 15 yrs., 10% 16 yrs., 11% 17 yrs., 13% 18 yrs., 15% 19 offered on Sept. 20 (V. 95, p. 562) have been awarded to the State Board
yrs. and 16% 20 yrs. after date. We are advised by the Bd. of Directors of Land Commrs. at Helena at par for 5 J4s. No other bids were received.
that the date of the offering has not yet been fixed.
LIMESTONE COUNTY (P. O. Groesbeck), Te x . — D E S C R I P T I O N O F
HARRIS COUNTY DRAINAGE DISTRICT No. 5 (P. O. Hovston) B O N D S . — The $150,000 5% Hoad District No. 1 bonds registered on
Tex.— B O N D S A L E . — We are advised that the $136,000 drainage-system Aug. 30 (V. 95, p. 637) bear date of Aug. 1 1912 and will be due Aug. 1
bonds (V. 95, p. 637) have been sold.
1952, subject to call after 10 years. Int. seml-ann.
HARTLEY COUNTY (P. O. Hartley), Tex.— B O N D S V O T E D . — The
LITTLE ROCK. Ark.— B O N D S O F F E R E D B Y B A N K E R S . — The
election held in School Precinct No. 1 on Oct. 14 resulted in favor of the Mercantile
Trust Co. of St. Louis is offering to Investors $33,000 5% coupon
question od issuing $15,000 bldg, bonds, according to reports.
impt. bonds. Denom. $500. Date Aug. 1 1912. Int. M. & N. at the
Mercantile Trust Co. Due on Nov. 1 as follows: $3,000 In 1913, 1914 and
w h v iw w vv vJ/vz-P1* i n A
S
T
R
I
C
T
tyO.
Gwinnett
County,
Ga.
— B O N D O i l ' B R I N G . — lhis district Intends issuing $15,000 6% bonds.
1915, $3,500 in 1916, $4,000 In 1917, 1018 and 1919, $4,500 in 1920 and
Denom. $.>00. Int. ann. Due part yearly for 10 years.
$4,000 In 1921. No other debt. Assessed val. $250,190.
LIVERMORE, Alameda County, Cal.— B O N D S A L E . — The State
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 15 (P. O. Law
rence) , Nassau County, N. Y .— B O N D S A L E . — On Oct. 7 Parkinson & Board of Control has purchased an issue of $1,000 sewer bonds at par and
N. Y . were awarded $125,000 4)4% bldg, bonds at 100.8153. Interest, according to reports.
Denom. $1,000. Date Sept. 1 1912. Int. M. & S. in N. Y. Due $5,000
LOCKLAND, Hamilton County, Ohio.— B O N D S A U T H O R I Z E D . —
yearly Sept. 1 1917 to 1941 lncl.
Reports state that an ordinance was passed on Oct 10 providing lor the
HENDERSON COUNTY COMMON SCHOOL DISTRICTS, Texas.— Issuance of $32,000 paving bonds.
B O N D S R E G I S T E R E D . — On Sept. 1 the County School Fund purchased
LORAIN, Lorain County, Ohio.— B O N D S A L E . — On Oct. 11 the follow
at par the following 5% 5-20-year (opt.) bonds registered by the State ing bids were received for the $5,000 4J4% 8-12-yr. (ser.) Black River
Comptroller on Aug. 16 (V. 95, p. 637): $1,900 bonds of Dist. No .6, water front lmpt. bonds (V. 95, p. 770):
$1,000 bonds of Dlst. No. 21, $2,000 bonds of Dlst. No. 31 and $1,800 bonds Central Bank...................... $5,210 00] First Nat. Bank...................$5,179 80
of Dist. No. 53. Denom. $250 and $500. Date April 10 1912. Int. Prov.Sav.Bk.&Tr.Co., Cln. 5,198 50 ISeasongood & Mayer, Cin . . 5,165 00
annually In April.
Well, Roth & Co., Cln----- 5,187 50 Otis <fe Co., Cleveland____ 5,162 50
,<l\0. G orier), Claiborne Parish, La.—• Davies-Bertram Co.. Cin . . 5,183 001R. Kleybolte Co., Inc.,Cin. 5,102 50
We are not advised as to which bid was successful.
BO D E L E C T I O N P R O P O S E D . — It Is stated that this place will vote
on the question of issuing $40,000 building bonds.
LOS ANGELES, Los Angeles County, Cal.— B O N D E L E C T I O N P RO
HOOKER, Texas County, Okla.— B O N D S A L E . — On Sept. 17 the $22, P O S E D . — It is reported that this city will probably vote on the Issuance
of $75,000 city-hall- bonds early In December.
0 0 0 0% 25-yr. water and electrlc-llght-plant bonds (V. 9 5 , p. 702) were
awarded to Kennedy & Fleming of Okla. City for $22,100, making the
LOVELAND, Clermont County, Ohio.— B I D . — A bid of $1,215 13 was
price 100.454. Denom. $1,000. Date July 23 1912. Int. J. & J.
received from Weil. Roth & Co. of Gin. on Sept. 21 for the $1,095 13 6%
HOPKINS COUNTY COMAION SCHOOL DISTRICT NO. 9, Tex — 2-6-yr. (ser.) coup, sidewalk, curb and gutter bonds (V. 95, p. 562).
B O N D S R E G I S T E R E D . — The State Comptroller reglstcrecd on Oct. 11
MACON, Ga.— B O N D O FF E R IN G . — Proposals will be received until
$500 5% 10-20-yr. (opt.) bonds.
12 m. Nov. 4 by W. H. Fetner, Chair. Bd. of Water Commrs., for $25,000
HOUSTON, Hirris County, Tex.— B O N D S R E G I S T E R E D . — On Oct. 9 4 K % coup, water-works bonds. Denom. $1,000. Date July 1 1 9 1 1 .
the State Comptroller regUtcred the $750,000 drainage, $500,000 sewer, Int. J. & J. Due Jan. 1 1940. Cert, check for $500 required. These se
$530,000 high-school, $300,000 street-paving, $250,000 park and $200,000 curities arc part of an issue of $900,000 voted bonds March 18 1911 to pur
bridge 4 X % bonds voted July 9 (V. 95, p. 190).
chase the plant of the Macon Gas, Light & Water Co., of which $850,00*
HOUSTON HEIGHTS, Harris County, Tex.— B O N D E L E C T I O N P R O has already been disposed of. V. 95, p. 702.
P O S E D . — Local papers state that petitions are being circulated asking for
TOWNSHIP (P. O. Gibsonburg), Sandusky County, Ohio,—
an election to vote on a proposition to lssuo bonds to Install a sewerage- B OMADISON
N D S A L E . — On Oct. 15 $3,000 road lmpt. bonds were awarded. It Is
system .
stated, to the Colonial Bank of Fremont for $3,020 15— making the price
HUMBOLDT, Humboldt County, Iowa.— B I D S . — The other bids 100.6716.
received for tue $8,000 4 )4% 10-20-year (opt.) coupon olty-hall-buildlng
A1ANSFIELD, Richland County, Ohio.— B O N D E L E C T I O N . — An elec
b'jnJ8 awarded to the .Springfield Savings Bank of Springfield, Vt., at
tion will be held Nov. 5 to decide whether or not this city shall issue $27,950
100.2a (V. 90, p. 918), were as follows:
street-impt. and sewer-constr. (city’s portion) bonds.
i* D°-, Toledo...... ......... ..$8,015 less $245 for expenses
Ulen & Go., Chicago------------------------------ 8,000 and Int. less $240 for exp.
AIARION COUNTY (P. 0 . Marion), Ohio.— B O N D O F F E R I N G . — Propo
Western Securities Co., Des Moines_____ 7,900
sals willbc received until 12 m. Nov. 4 by O. L. Justice, Co. A tty., for $27,500
C. II. Coffin, Chicago--------------------------- 8 , 0 8 1 for 5s
5% coup. Smeltzcr Free Turnpike Rd. constr. bonds. Auth. Sec. 7283,
K
, E PpA^ C1I'V SCHOOL DISTRICT, Los Angeles County. Cal. Gen. Code. Denom. $500. Date Nov. 4 1912. Int. M. * S. at office
— B O N D S A L E . — On Oct. 7 the $40,000 5% bldg, bonds (V. 95, p. 918)
ot Co. Treas. Due $1,500 each six months from Mch. 1 1013 to Mch. 1
were awarded, It Is stated, to E. II. Hollins & Sons of San Fran, at 103.30. 1916; $2,000 Sept. 1 1916, $1,500 Mch. 1 and $2,000 Sept. 1 in 1917 and 1918
INDEPENDENCE COUNTY DRAINAGE DISTRICT NO. 2 Ark.— and $2,000 each six months from Mch. 1 1919 to Sept. 1 1920 lncl. Cert.
check on a Marion bank for $300, payable to the Board of Road Commrs.,
II ON OS O F F E R E D B Y B A N K E R S . - The Mercantile Tn.st Co. ot St.
Louis is offering to investors $20,000 6% coupon bonds. Denom. $500. required.
Date July 1 1912. Int. J. & J. at the Mercantile Trust Co. in St. Louis.
AIARION SCHOOL DISTRICT (P. O. Alirion), Alarion Counfy, Ohio.—•
Due $1,000 yearly July 1 1913 to 1930, lncl., and $2,000 July 1 1931.
B O N D E L E C T I O N . — Reports state that the question of Issuing $100,00*
building bonds will be submitted to a vote on Dec. 3.
ConnR^^n*—
H \G
. Independence),
Jackson
County,
Mo. B O N D & A L E <— Ihe Bank of
Independence
and the
First
AIARLBORO. Ulster County. N. Y.— B O N D S A L E . — On Sept. 26
Nat. Bank or Independence have been awarded the $75,000 5-20-yr. (opt.) $31,000 4
5-29-yr. (ser.) water bonds were awarded to the Ulster County
bonds (V. 05, p. 657).
Sav. Inst, of Kingston tor $31,100, making the price 100.322. Denom.
JENKINTOYVN. Montgomery County. Pa.— B O N D E L E C T I O N . — On $1,240. Date Oct. 1 1912. Int. A. & O.
MARYLAND.— B O N D O F F E R IN G . — Proposals will be received until
Dec. 11, It Is reported, the voters will decide on the Issuance of $75,000
seweragc-system-constr. bonds.
12 m. Nov. 21 by M. Vandiver, State Treas., at Annapolis for $1,000,000
($500,000 Series "C ” and $500,000 Series “ D ” ) 4% coup, road State Loan
JERSEY CITY. N. J.— B O N D SALTS.— J o h n D. Evoritt & Co. and of 1912 tax-free bonds. Auth. Chap. 370, Acts of 1912. Denom. $1,020.
A. B. Leach & Co. of N. Y. was awarded at par and int. on Oct. 8 the Date Dec. 1 1912. Int. J. & D. Due Dec. 1 1927, opt. Dee. 1 1920.
$332,000 4 \ i % 50-yr. gold coupon or reg. school bonds not sold on Sept.17 Cert, check on some responsible banking Institution for 5% of bid required.
(V. 95, p. 769.)
Bonds to be delivered Des. 1.
DISTRICT (P .O . Hamilton), Butler County, Ohio.
— B O N D O F F E R IN G . — Proposals will be received until 12 in. Dec. 10 by
Ch. F. Iloldefer, Clerk Bd. of Ed., for the $300,000 4% coup, high-school
and grade-school bldg, tax-free bonds (V. 95, p. 189). Auth. Sec. 7625
7626, Gen. Code. Denom. $500. Date Dec. 10 1912. Int. J. & D.
Due $5,000 Dec. 10 1933 and 1934, $25,000 Dec. 10 1935 and 1936, $50,000
yrly. on Dec. 10 from 1937 to 1940 ino. and $40,000 Dec. 10 1941. Cert,
check for 5%, payable to the Board of Education required.
1072
T H E C H R O N IC L E
MASON COUNTY SCHOOL DISTRICT NO. 10. W ash.— B O N D S A L E —
On Sept. 20 $3,000 5'/$% bldg, bonds were awarded to the State of Wash.
par. Denom. $250. Date Nov. 10 1912. Int. ann. In Nov. Due
1932, opt. at any Int. period. No other bids were received.
MASON COUNTY SCHOOL DISTRICT NO. 51, Wash.— B O N D S A L E —
on Sept. 20 $4,000 5H % bldg, bonds were awarded to the State of Wash
at par. Denom. $250. Date Oct. 10 1912. Int. ann. in Oct. Due
1922, opt. at any int. period.
MATAGORDA COUNTY DRAINAGE DISTRICT NO. 2, Texas —
B O N D S R EG I ST E R E D .- On Oct. 11 $100,000 5% bonds were registered
by the State Comptroller.
MEDFORD, Middlesex County, Mass.— L O A N O F F ER IN G . — Proposals
will be received, according to reports, until 9 a. m. Oct. 22 by the Town
Treas., fora temporary loan of $50,000, due May 26 1913
MERCER COUNTY (P. 0 . Trenton), N. J.— B O N D O FF ER IN G . —
Pioposals will be received until 2:30 p. m. Oct. 29 by the Finance Committee,
M. D. Raub, Chairman, for the following 4% coupon bonds:
$150,000 bldg, bonds. Date July 1 1912. Due July 1 1942. This issue
may be registered at option of purchaser.
207,000 funding bonds. Due 20 years.
Denom. $1,000. Int. J. & J. Cert, check on a reputable bank for 2%
of bonds bid for, payable to J. H. Black ,Co. Collector, is required.
[VOL. L XX XXV
d
£
<
d
Code. Dote Sept. 23 1912. Due Sept. 23 1952. Cert, check for 5% of
bonds bid for, payable to the “ Village of Oakley” , required. Purchaser
to pay accrued interest.
Proposals will also be received on the same day for $1,053 98 Virginia
Place-impt. assess, and $12,761 20 5% bonds. Auth. Sec. 3914 Gen. Code
Date Sept. 23 1912. Int. annual. Due one-tenth of each Issue yearly from
1913 to 1922 lncl. Cert, check for 5% of bonds bid for, payable to the
Vil. Treas., required. Purchaser to pay accrued interest.
OCILLA, Irwin County, Ga.— B O N D E L E C T I O N . — An election will be
held Nov. 6 to decide whether or not this city shall Issue $16,000 5% sewer
bonds. Due part yearly from Jan. 1931 to Jan. 1943 Inclusive.
ONTARIO, San Bernardino County, Cal.— B O N D O F F E R IN G . — Pro
posals will bc received Nov. 4 for the $72,000 strcct-impt., $2,000 fire-alarm
system and $1,000 sewer 5% bonds authorized at the election held Aug. 29
by a vote of 471 to 181, 492 to 130, and 467 to 145, respectively (V. 95,
p. 638.)
OSWEGO. Oswego County, .N. Y .— B O N D E L E C T I O N . — It is reported
that the voters will decide on Nov. 5 whether or not this city will issue
$200,000 sewcrage-systcm-constructlon bonds.
OTTUMWA, Wapello County, Iowa.— B O N D S A L E . — Reports state
that the $78,000 5% funding bonds (V. 95, p. 703) have been purchased
by G. M. Bechtel & Co. of Davenport.
OYSTER BAY, Nassau County, N. Y.— B O N D S A L E — On Oct. 14 the
$19,000 4 ^ % 5 2-3-yr. (aver.) strcct-impt. bonds (V. 95, p. 919) were
The official notices of this bond offering will be found among the advertise,
awarded
to Curtis & Sanger of N. Y . for $19,028 75— making the price
menls elsewhere in this Department.
100.15. Denom. $1,000. Date Oct. 1 1912 Int. A. & O. Due $1,000
.f'E R C B D FALLS SCHOOL DISTRICT, Merced County. C al— B O N D Oct. 1 1913 and $2,000 yrly. Oct. 1 from 1914 to 1922 lncl.
hia™ u , 1 Oct. 8 the $4,000 6% 4 J^-yr. (aver.) gold coupon tax-freeMatagorda County. Tex.— BOND S A L E . — The $25,000
Diag. bonds dated Nov. 1 1912 (V. 95, p. 919) were awarded to the American 5%PALACIOS.
20-40-yr. (opt.) water-works bonds registered by the State Comptroller
savings Bank of Los Angeles.
on Aug. 28 (V. 95, p. 638) have been sold we are advised.
„ MERIDIAN, Lauderdale County, Miss.— B O N D S V O T E D . — It Is re
PALAMAR SCHOOL DISTRICT, Los Angeles County, C al— BOND
ported that the issuance of $75,000 city-hall-bldg, bonds has recently been O F F E R IN G . — According to reports,proposals will bc received until Oct. 28
authorized.
by the Bd. of Co. Supervisors (P. O. Los Angelespfor $2,900 5% bonds. •
MIDLAND, Beaver County, Pa.— B O N D O F F E R IN G . — Proposals will
PARIS, Bear Lake County, Idaho.— B O N D S A L E . — An Issue of $14,000
be received until 8 p. m. Oct. 28 by the Town Council, W. J. Llndenmuth, 5)4%
10-20-yr. (opt.) water-system bonds was awarded on April 27 to
fT
0r S20'000 4 ' A % tax-free bonds. Denom. $500. Date Nov. 1 Wm. E. Sweet & Co. of Denver at par and Int. Denom. $1,000. Date
Int. M. & N. at office of Boro. Treas. Due on various dates from July 1 1912. Int. J. & J.
Nov. 1 1912 to Nov. 1 1932. Cert, check for 2% of bid required.
PINAL COUNTY SCHOOL DISTRICT NO. 1 (P. O. Florence), Ariz.—
..M IDDLETOWN, Butler County, Ohio.—B O N D S A L E . — On Oct. 14
O N D S V O T E D . — At an election held Sept. 21 the question of issuing
tne $1,,)00 4 K % 4-yr. (aver.) lire dept.-impt. bonds (V. 95, p. 770), were B
$30,000
6% 10-20-yr. (opt.) bldg.-equip. and grounds-impt. bonds re
awarded to the Oglesby & Barnltz Co., Middletown at par and interest.
ceived a favorable vote. The vote was 42 to 4. •Interest annual. • • •
MILWAUKEE. VVis.— B O N D E L E C T I O N . — Local papers state that a
PLUMMER,
Kootenai County, Idaho.— B O N D S A L E . —-On Oct. 7 the
'J111 bc takcn at the Nov. election on the propositions to issue $15,000 10-20-yr.
(opt.) coupon water bonds ollered without success on
$2o0,000 policc-dept. and $900,000 school-bldg, bonds.
Aug. 24 (V. 95, p. 563) were awarded to C. A. Cochron of Spokane at par
MINOOKA, Grundy County,111.— B O N D S V O T E D .— At an election held and interest.
Oct. 4 the proposition to Issue $10,000 5% sewer bonds carried, it is stated
TOWNSHIP (P. O. Port Clinton), Ottawa County, Ohio.—
by a vote of 42 to 16. Denom. $500. Due $1,000 yrly. These bonds B OPORTAGE
N D E L E C T I O N . — An election will be held Nov. 5 to vote on the Issuance
were previo sly authorized at an election held June 8 (V. 95, p.437), but
owing to a technicality found in the form, a new election was called. ’
’ of $2,000 5% 4-yr. public-hall-mpt. bond
P O R T C L I N T O N . O t t a w a C o u n t y . O h i o . — NO B O N D E L E C T I O N A T
MONTESANO, Chehalis County, Wash.— B O N D O F F E R IN G . — Pro P R E S E N T — We are advised by the Village Clerk that the $10,000 bcachposals will be received until Oct. 21, it is stated, for $8,000 and $600 8% lmpt.
bonds (V. 95, p. 638) w i l l not bc voted upon this year.
local-improvement bonds.
B O N D E L E C T I O N , — On Nov. 5 the voters will decldfi whether or not
MONTGOMERY COUNTY (P. O. Winona), Miss.— B O N D O F F E R IN G .
this village shall issue $4,000 5% 4-yr. publlc-hall-impt. bonds.
-Proposals wdl bc received until 12 m. Nov. 6 by J. T. Parks, Clerk Board
PORTLAND. Ore.— B O N D S A L E .— On Oct. 7 $125,096 17 6% 10-yr.
^'“ Pery'sors, for the $40,000 5 'A % First Super’s IMst. road bonds voted impt. bonds were awarded $120,000 to the Sinking Fund and $5,096 17 to
Sept. ^ ( y 9;., p. 77°). Auth. Chap. 149, Laws of 1910. Date Jan. 1 1913 the Police & Fire Dept. Relief Fund, at par and hit. Other bids follow:
Celt, check for 2 'A % of bonds bid for, required.I . - ? • -■->«. i.
Amount.
Price. 1 Bidder—
Bidder—
Amount.
Price.
103
|Lumbermen’s
f $50,000
102.60
MORROW COUNTY (P. O. Mt. Gilead), Ohio.— B O N D S O FF E R IN G . — John H olm .- . . .$4,500
102.75 1 Nat. Bank, ( 25,000
102.48
Proposals will bc received until 11 a. m. Nov. 4 by C. Slpe, County Auditor, Alwin K a d c.. . . . 2,000
102.63
Leon Hirsch. ...1 0,00 0
Seattle ---------- l 25,000
102.25
for the following 4H % coupon assess, bonds:
102.63 G. II. Gadko----3,000
102.50
$8,588 00 Shaw Road-lmpt. bonds. Denom. (1) $608, (19) $420. Due Ludwig Hirsch. ...10,000
102.62 IHenry Teal ____ .125,096 17 102.50
125,000
$608 March l 1913 and $420 each six months from Sept. 1 1913
25,000
102.50l| Leo Peterson----3,500
Morris Bros.,
102.50
to Sept. 1 1922 lncl.
102.31 Sec. Sav. Bk. &/
Portland__ -.{25,000
2,767 00 Osborn Road-lmpt. bonds. Denom. (1) $107, (19) $140 . Due
|25,000
102.261 1 Trust Co., Tol. 1125,096 17 101.50
$107 March 1 1013 and $140 each six months from Sept. 1 1913
(25,096 17 102.03 Wm. Adams,
J125,096 17 100.
to Sept. 1 1922 lncl.
...2 5,00 0
102.50 | Treas_________ \121,000
7,218 05 Randolph Road-lmpt. bonds. Denom. (1) $378 05, (19) $360.
|
Com.
of
Pub.
Docks.
1,000
100
Due $378 05 March 1 1913 and $360 each six months from
B I D S . — The other bids received on Oct. 8 for the $250,000 4% 25 yt
Sept. 1 1913 to Sept. 1 1922 lncl.
Separate bids must be made for each Issue. Date Sept. 1 1912. Int. gold park and boulevard bonds awarded to Morris Bros, of Portland at 93
M. & S. Cert, check on a bank In Morrow County for 10% of bonds bid for, and int. (V. 95, p. 997) were as follows:
payable to the Co. Aud., required. Transcript of proceedings will be fur U. S. Nat. Bank, Portland----- 92.68 |Wm. A. Read & Co., Chicago. .92.03
nished at expense of purchaser. Bonds to be delivered and paid for within Merrill, Oldham & C o.,Boston.92.44 N. W. Halsey & Co., San FTan_90.53
", days from time of award. Blanks for bids will be furnished on applica Harris Tr. & Sav. Bk., Chic — 92.291
B I D S R E J E C T E D —The following bids received for the $315,000 4%
tion by the Co. Aud. Bid must be unconditional.
30-yr. bridge gold bonds ollered on Oct. 8 (V. 95, p. 704) were rejected
,„mlP SCOVV> ,La,fa,h County, Idaho.— B O N D O F F E R IN G .— Proposals Morris Bros., Portland_______ 92.881Harris Trust & Sav. Bk., Chic.92.29
92.03
ibnnA C£ vcl1, U ls statedi unt11 8 p- m - Oct. 28 by the City Council for U. S. Nat. Bank. Portland------92.68| Wm. A. Read & Co., Chic
$180,000 o% mprovement bonds.
Seasongood & Mayer, C ln .------92.551 N. W. Halsey & Co., San Fran.90.53
Oldham & Co., Boston.92.44 |
m ^^^F^N E E , Elkhart County, Ind.— B O N D S A L E . — On Oct. 10 $15,000 Merrill.
B O N D E L E C T I O N .— On Nov. 2 charter amendments providing for the
J-10-yr. (opt.) coup, funding and impt. bonds were awarded to J. F.
bond issues will be voted upon: $2,000,000 for parks and boule
Wild & Co. of Indianapolis atjl05.38, it is stated. Denom. $500. Date following
vards, $850,000 for South Portland Bridge, $300,000 Ross Island purchase,
Oct. 1 1912. Int. a n n . ...................................................................................
$100,000 garbage crematory, $200,000 auditorium and $200,000 for public
NEW HAMPSHIRE (State).— B O N D S A L E . — We are advised that markets.
$2;>0,000 S
highway loan of 1912 bonds have been disposed of. Due
PORTSMOUTH SCHOOL DISTRICT (P. O. Portsmouth), Scioto County,
from July 1 1921 to 1924.
Ohio.— B O N D S A L E . — On Oct. 10 $20,000 4% 7-yr. (av.) bldg, bonds
NEW ROCHELLE, Westchester County, N. Y.— B O N D S A L E . — On were awarded, it is stated, to the Securities Savings Bank of Portsmouth at
Oct. 15 the three issues of 4 H% rcg. bonds aggregating $94,474 88 (V. 95, 100.7525
p. 919) were awarded to Ferris & White of N. Y. for $95,023, making the
PRESCOTT. Pierce County, Wis. — B O N D S R E F U S E D .— We arc ad
price 100.58. Other bids follow:
vised that Cooke, Holtz & Co. of Chicago have refused to accept the $17,
Curtis & Sanger, N. Y ___ $94,867 Adams & Co., N. Y ________ $94,659
R. M. Grant & Co., N. Y ___ 94,832 Harris, Forbes & Co., N. Y . . 94,643 500 4 'A% water-works and sewer bonds awarded to them during July,
because of defects In the election proceedings.
Harriman & C o .,._ ................ 94,740 Farson, Son & Co., N. Y ___ «70,169
Portchester Sav. Bank__ *22,701 30
P U L A S K I C O U N T Y ( P . O . Pulaski). V a .— B O N D S A L E . — Well, J oth
a Bid for $70,000 Issue.
*Bid for $22,574 88 issue.
& Co. of Cincinnati were awarded at par, Int. and blank bonds the $100,000
5% coupon road bonds (V. 95, p. 920.)
N O R T H D A K O T A . — B O N D S P U R C H A S E D B Y S T A T E — The follow
ing bonds aggregating $13,550 were purchased at par by the State during
REDFIELD. Dallas County, Iowa.— B O N D S V O T E D .— At an election
September.
held Oct. 7 the proposition to issue $15,000 electric-light and water-worksName.
Amount. Int. Purpose.
Date.
Due ■
plant construction bonds carried, It is reported. A similar issue of bonds
Little Knife, S. D .......... $700 4% building .July 25 1912 July 25 1932
was reported sold to Geo. M. Bechtel & Co. of Davenport on Sept. 21 1911
Marmarth ...................... 7,500 5% funding. .Aug. 15 1912 Aug. 15 1932
(V. 93, p. 1058).
Mikkleson S. D ................1,500 4% building .Aug. 1 1912 Aug.
1 1932
R E N W I C K , H u m b o l d t C o u n t y . Iowa .— B O N D S A L E .— On June 1
Stowers S. D ................... 600 4% refund. ..M ch. 1 1912 Mch.
1 1922 $7000
5 A % waterworks bonds were awarded to Geo. M. Bechtel & Co. of
Two Mile S. D ................ 1,850 4% building .July 1 1912 July
1 1932 Davenport
at par. Denom. $500. Date June 1 1912. Int. J. & D. Due
Ulrich S. I ) ....................... 1,400 4% building .Aug. 10 1912 Aug. 10 1932 20 years, opt.
$500 yearly.
N O R T H A M P T O N C O U N T Y ( P . O . E a s t v i l l e ) , V a .— B O N D O FF ER IN G .
REVERE.
Suffolk County, Mass.— B O N D S A L E . This town has dis
— Proposals will be received until 12 m. Nov. 9, it is stated, by Geo. T. posed of the following
4% bonds:
Tyson, Clerk of Board of County Supervisors, for $15,000 5-30-ycar (opt.) $26,000 fire-station bonds.
Date March 15 1912. Int. semi-ann. Duo
road bontls. Interest semi-annual.
$2,600 yrly. March 15 1912 to 1922 lncl.
NORTH H E M PSTE AD
(P . O . A la n h a s s e t), N a ss a u C o u n t y , N . Y .—
28,520 municipal-loan bonds. Date May 15 1912. Due $3,320 May 15
L O A N E L E C T I O N .— On Nov. 5 the voters will have submitted to them
1913 and $2,800 yrly. May 15 1914 to 1922 lncl.
propositions providing for loans of $20,000 to macadamize the Station Road
Elk County. P a — B O N D E L E C T I O N .— An election will
and Tenth St. in Great Neck and $3,000 for Improving Carlcton Ave., be RIDGEWAY.
held
Nov.
5 to vote on the Issuance of $12,000 o % o-30-yr. (opt.) bonds.
Second, Third and Fifth Aves. In Port Washington, according to reports.
RIVERSIDE, Riverside County. Cal.— NO B O N D S A U T H O R I Z E D . —
NORTH
IR W IN
(P . O . I r w in ) , W e s t m o r e la n d C o u n t y , P a .— BOND
We arc advised that the reports stating that this city has .authorized the
E L E C T I O N .— An e l e c t i o n w i l l b c h e l d Nov. 5 t o v o t e o n t h e i s s u a n c e o f $ 17 - Issuance of $44,000 sewer bonds (V. 95, p. 563) arc erroneous.
0 0 0 s t r e e t-p a v in g b o n d s .
ROCHESTER. N. Y — NO A C T I O N Y E T T A K E N .— No action has yet
NORTH
W I L D W O O D ( P . O . A n g l e s c a ) , C a p e A \ay C o u n t y . N . J .—
been taken looking towards the Issuance of the $l,o99,000 4% 30-year reg.
B O N D O F F E R IN G . — We are advised that the $30,000 5% gold coupon
water-works-lmpt. bonds offered without success on Sept. 10 (V. 95, p.704).
tax-free boardwalk bonds (V. 95, p. 846) will be offered for sale In December
Denom. $500. Due In 1932.
ROCHESTER TOWNSHIP, Ohio.— BOND S A L E . — On Oct. 7 $20,000
4 } j% 15-29-yr. bonds were awarded to* Otis « Co. of Cleve. at 102 and
N O R W O O D C IT Y SC H O O L D IS T R IC T
(P . O . N o r w o o d ),
H a m ilt o n
int. Denom. $l,000..,v. Date Oct. 1 1912. Int. A. & O.
C o u n t y , O h i o . — B O N D E L E C T I O N .— On Nov. 5 the voters will have
submitted to them the question of issuing $55,000 Marion St.-school-bldg.
R O W L E S B U R G . Preston County, W . V a — B O N D O FF ER IN G .- Pro
addition bonds.
posals will be received until Oct. 31 by G. Hayes, I own Recorder, for the
N U T L E Y . E s s e x C o u n t y , N . J — BOND S A L E . — The $30,000 20-yr.
$9,000 water-works and $2,000 sewerage-system 5% coupon bonds. (V. 95,
and $12,000 10-yr. 4 H % coup, or reg. general funding bonds offered o n p. 771). Denom. $500. Date Aug. 1 1912. Int. ann. at the Peoples’ Nat.
Sept. 23 (V. 95, p. 771) were awarded to R. M. Grant & Co. of New York.
Bank at Rowlesburg Due $1,000 yearly on Aug. 1 from 1922 to 1932 incl.
subject to call after Aug. 1 1922. Cert, check for $50, payable to the "Town
O A K F I E L D , F o n d d u Lac C o u n t y , W is .— B O N D S A L E . — The Bank of
Oakfield in Oakfield was awarded for $3,002 14 (100.071) the $3,000 4% of Rowlesburg” , required. Bonded debt (including tills issue) $22,000.
15K-yr, (aver.) coupon village-hall bonds offered onJune 3. (V .94, p.1463.) Assessed val. 1912, $1,000,000.
O A K L E Y . H a m i l t o n C o u n t y , Ohio.— B O N D O F F E R I N G . — Proposals
RUSHFORD, Fillmore County, Minn.—rBOND S A L E .— On Oct. 9 $2,000
w i l l be received until 12 m. Nov. 11 by O. Kosche, Vll. Clerk, for $1,500
5% bonds were awarded to the Iiushford State Bank In Rushford at par.
water-pipe; $2,000 Keller Ave.-lmpt.; $5,000 street-repair; $500 sidewalk
No other bids were received. Denom. $250. Date Nov. 1 1912. Int.
constr. and $2,250 real estate-purch. 4>$% bonds. Auth. Sec. 3939 Gen
annual in November.
Oct. 19 193 2.]
T H E C H R O N IC L E
1073
RUSSELL COUNTY (P O. Lebanon), Va.— B O N D S A L E .— On Oct. 10
Amount —
Purpose. ■ ■ ■ ■ Date.
Due.
the $70,000 5% coupon road-constr. bonds (V. 05, p. 020) were awarded
$661 1 5 .. water-m ain___ Sept 11 1912 Sept. 11 1917, opt. at any time.
to Woodin, McNear A Moore of Chicago at 102, lnt. and blank bonds. 1,887 30..w ater-m ain___ Sept. 21 1912 Sept 21 1917, opt. at any time.
Other bids follow:
874 8 5 ..s e w e r ..................Sept. 26 1912 Sept. 26 1917, opt. at any time
John Nuveen A Co., Chic.........101.751 Parson Son A Co.. N. Y ......... 100.13
199 4 0 ..g ra d in g ...............Sept. 26 1912 Sept. 26 1917, opt. at any time
Weil, Roth A Co., Cin_______101
|
914 4 0 ..p a v in g ................Sept. 26 1912 Sept. 26 1922. opt. at any time
RUSTON, Lincoln Parish, La — b o n d S A L E .— On Oct. 4 the $15,000
TAYLOR, Williamson County. Tex.— BOND E L E C T I O N .— An election
5% Dubach Sch. Dist. No. 5 bonds (V. 05, p. 704) were awarded to the will be held Nov. 5, It is stated, to vote on the question of Issuing $10,000
Ruston State Hank in Ruston at par and int. Other bids were received 5 % 40-yr. school bonds. Denom. $1,000.
from Coffin A Crawford, C. II. Coffin, S. A. Kean A Co. and the Municipal
TAYLOR SCHOOL DISTRICT (P. O. T aylor), Williamson County, Tex.
Bond A Stock Exch. of Chicago, Hoehler A Cummings of Tol. and the
New First Nat. Bank of Col.
“ BOND E L E C T I O N .— On Nov. 5 the voters will decide whether or not
this district shall issue $10,000 5% 40-yr. scn.-bldg. bonds. Denom. $1,000.
ST. CLAIRSVILLE SCHOOL DISTRICT, Belmont County, Ohio.—
TETON COUNTY (P. O. Choteau), Mont.— D E S C R IP T I O N OF B O N D S .
B O N D S D E F E A T E D .— We are now advised that this district recently
defeated the Question of issuing $12,000 school bonds. Using newspaper — 1he $100,000 coupon highway and bridge bonds to be voted upon on
Nov. o (V. 95, p . 772) are to bear 5% Interest, payable semi-annually.
reports, we stated in V. 05, p. 701, that the issue had carried.
Due 20 years from date.
S I.
LOUIS, Mo.— BOND E L E C T I O N .— Reports state that the proposi
tion to issue $2,7o0,000 bonds will be submitted to a vote fit the general _ T,ETON COUNTY SCHOOL DISTRICT NO. 30. M ont— BOND S A L E . —
5 tlle $3,000 6% 10-15-yr. (opt.) coupon school-bldg, bonds (V. 95,
lection on Nov. 5. A similar issue of bonds was defeated at an election
held Aug. 5 (V. 05, p. 370).
p. 772) were awarded to the State Bd. of Land Commrs. at par. A bid of
100.10 was also received from C. II. Coffin of Chicago.
S A R A T O G J ’ CHOOL DISTRICT, Santa Clara County, Cal.— B O N D
THIEF RIVER FALLS, Red Lake County, Minn.— B O N D O F F E R I N G .
Ohl'LIlIIvG. I roposals will be received, according to reports, until 11
a
r ' ! by tlle, Board of County Supervisors (P. O. San Jose) for the — Proposals will be received until 7:30 p. m. Oct. 25 by W. II. Quiet, City
,0
8lte-Purcliase and building bonds voted Sept. 3 (V. 05, p. 704). Clerk, for the following 5 54% bonds:
Due $300 yearly for 10 years.
$20,000 elcctric-light-plant bonds. Auth. Chap. 8, Laws of 1895, and vote
of 197 to 137 at election held Oct. 8. Denom. and date of bonds
SALEM, Essex County, N. A.— B O N D O F F E R I N G .— Proposals will be
to be determined by the City Council. Int. semi-ann. Due
*^fiX ed PPtil 8 P- n*. Oct. 30 for $80,000 4 54% reg. or coupon school
. „ „ „ $7j° ° 9 ln 10 an<i 15 years and $6,000 in 20 years.
5500. Int. semi-ann. Due $2,000 yearly beginning one
8,000 refunding bonds. Auth. Chap. 230, Laws of 1895. Denom. $500.
year from date. W. B. Dunn is City Clerk.
Date Oct. 15 1912. Int. annual. Due Oct. 15 1917.
Bonds to be ln such form, consistent with law, as may hereafter be de
SALEM, Columbiana County, Ohio.— B O N D O F F E R I N G .— Proposals
by the City Council. Cert, check for 10% of bid required.
yj*1 l,c ??!i-cd untR 12 m. Oct. 30 by Geo. Holmes, City Aud., for the $11,- termined
similar issue of electric-light bonds was reported sold to Boiger, Mosser
74b 09 4 54% coup, tax-free refund, bonds. Auth. Sec. 3910, Gen. Code. A A
Wlllaman
of Chicago on Aug. 7 (V. 95, p. 438)............................................,
Denom. ( 1 ) $740 09, (22) $500. Date Sept. 1 1912. Int. M. & S. Due
period of eight years and seven months.” Cert, check for 2% of bonds bid
TOLEDO, Ohio.— B O N D S A L E S FO R T H I R D Q U A R T E R .— During
for, payable to the City Treas., required. Bonds to be delivered and paid the quarter ending Sept. 30 the following 5% bonds, aggregating $70,951 28.
tor within 10 days from time of award. I’ urch. to pay accrued lnt. These were sold to the Sinking Fund at par;
bonds were awarded to Otis A Co. of Cleveland on Sept. 3, but subsequently $25,660 21 Detroit Ave. No. 7 assess, bonds. Denom. (9) $2,570 and (1)
refused by the firm. (V. 95, p. 920.)
$2,530 21. Date March 24 1912. Due $2,530 21 March 24
1913 and $2,570 each six months from Sept. 24 1913 to Sept. 24
SAND SPRINGS SCHOOL DISTRICT (P. O. Sand Springs), Tulsa
1917, inclusive.
County Okla.— BON D S A L E — During July A. J. McMahon of Okia. City
1,897 30 Mulberry St. No. 3 assess, bonds. Denom. (9) $190 and (1)
«v?naWn^»ei rSt 10,3 *°2a an Issue of $27,000 6% 20-yr. bonds. Denom.
$500. Date June 1 1912. Int. J. & J.
. . .
.
$187 30. Date Feb. 25 1912. Due $187 30 March 25 1913 and
$190 each six months from Sept. 25 1913 to Sept. 25 1917, incl.
SAN FERNANDO UNION HIGH SCHOOL DISTRICT. Los Angeles
9,160
09jsewer
No. 1119 assess, bonds. Denom. (1) $790 09 and (9)
n ?*noo’ i ^al. B O N D O F F E R I N G .— Proposals will be received until
$930. Date June 9 1912. Due $790 09 March 9 1913 and
Oot. 28 by the Bd. of Co. Supervisors (P. O. Los Angeles) for the $50,000
$930 each six months from Sept. 9 1913 to Sept. 9 1917, incl.
5% bldg, bonds voted Aug. 12 (V. 95, p. 500), reports state.
262 05 sewer No. 1128 assess, bonds. Denom. (1) $52 05 and (3) $70.
SANTA At ARIA, Santa Barbara County, Cal.— B O N D S A L E .— On
Date Aug. 11 1912. Due $52 05 March 11 1913 and $70 on
Oct. 7 the $25,000 5% 31 54-yr. (aver.) gold coupon niunlcipal-impt. bonds
„
„ §ept. 11 1913 and on March 11 and Sept. 11 ln 1914.
(V 95, p 847) were awarded to the State Board of Control at 104.9468.
9,971 63 Collins St. No. 1 assess, bonds. Denom. (1) $971 63 and (9)
Other bids follow:
$1,000. Date April 9 1912. Due 8971 63 March 9 1913 and
E.II.Rollins A Sons, San.Fran.$25,815 |N.W.IIalsey A Co., San Fran.$25.255
$1,000 each six months from Sept. 9 1913 to Sept. 9 1917, incl.
1 orrance, Marshall & Co., Los
|Wm.R.Staats Co., Los Ang
25,106
24,000 00 Broadway No. 6 bonds. Date Aug. 1 1912. Due Aug. 1 1917
Ang __..............................
25,473|
B O N D S A L E .— On Oct. 16 the $165,000 4% coupon street-impt. bonds
(V. 95 p.772) were awarded to Stacy A Braun of Toledo for $167,121 21
vo W ' (i >.A^AAh,°,e,rl,ix).’ Oswego County, N. Y — B O N D S A L E .
On Sept. -9 tile $10,000 4 A % 5-yr. (aver.) bridge bonds offered by tills (101.285) and interest. Other bids follow
^ g *0 V. 95, p. 376) were awarded to the Fulton Savings Bank, Otis A Co., Cleveland.. .$167,066 501Mayer, Dcppe A Walter,
iVl t e ’ aaa 10? '01/
D?aorn* 51.000. Date Sept. 1 1911. Int. M. A S . Clove. Tr. Co., C lov e..- 166.765 50] Cincinnati___________ $166,608 75
Due $1,000 yrly. from 1913 to 1922 inclusive.
TOLEDO SCHOOL DISTRICT (P. O. Toledo), Lucas County, Ohio.—
B I D S .— The other bids received on Oct. 9 for the $400,000 4% 27-36-yr.
()nSOrt 'iWhe
e ' -N£bonds
QEa D '(V. 95,
, CTp.N0*
BOND SALE.—
n ^?«Ynn(
576,000? 6%
771)10were .—
awarded
to W. II. (ser.) bldg, lionds awarded to Otis A Co. and Ilaydcn, Miller A Co. of Cleve.
jointly at 102.905 and lnt. (V. 95, p. 997) were as follows:
iVA,oSti\C1iS*
J,01 577,525 (102.06) and int. A bid was also received
Stacy A Braun, Toledo___ $410,325 |AIayer, Dcppe A Walter,Cin.$405,080
from tile New First Nat. Bank of Col.
TORRINGTON, Laramie County, Wyo.— B O N D S A L E . — 3. S. Schwartz
SHOSHONE Fremont County. W yo.— B O N D S A L E — On [Oct. 7 the
♦1 2 , 0 0 0 6 /a lo-30-yr. (opt.) water-works-extenslon lionds (V. 95, p. 847) of Colorado Springs was awarded at par the $20,000 6% 15-30-yr. (opt.)
water-works bonds offered on June 22 (V. 94, p. 1583). The $10,000
were awarded to Causey, Foster & Co. of Denver at par. Denom. $1,000
sewerage bonds offered at the same time were re-advertised and sold as
Date Oct. 1 1912. Int. A. A O.
.. SMITH LAND. Woodbury County, Iowa.— B O N D S A L E .— On Oct 14 reported in V. 95, p. 847.
TRENTON, Mercer County. N. J.— B O N D 7O F F E R I N G .— Proposals
the $7 ooo .>54% coupon water-works bonds (V. 95, p. 997) were awarded
to the Security Loan A Investment Co. of Dcs Moines at par, lnt. and blank will be received until 2 p. m. Oct. 22 by II. E.Evans, City Treas, for $52,900
bonds and $10 on cost of proceedings. Other bids follow*
4 'A% reg. refundng bonds. Date Nov. 1 1912. Int. semi-ann. Due
Nov. 1 1922. Cert, check on a national-.banlUfor $1,000 required.
C. H. Coffin, Chicago -------100.501 Boiger, Mosser & Wlllaman.
S. A. Kean & Co., Chicago.. 98.251 Chicago.. 100 less $75 expenses.
TRENTON (Town) UNION FREE SCHOOL DISTRICT NO. 3T(P. 0 .
SOUTH AMBOY, Aliddlesex County, N. J.— B O N D S A L E .— On Oct 15 Hinckley), Oneida County, N. Y.— B O N D O F F E R I N G .— Proposals will be
the $40,000 5% coup, (with priv. of rcg.) school bonds (V. 95, p. 847) were received until 7 p. m. Oct. 23 by the Board of Ed., J . II. Droyer, Clerk, for
awarded to Douglas Fenwick A Co. of N. Y. at 101.4225 and int. Other $2,500 5% bonds. Denom. $500. Date Nov. 1 1912. Int. annual at
bids follow:
Utica Trust A Deposit Co's. Bank at Utica, to the holder thereof in N. Y.
Weil, Roth & Co C in.. ..101.26251 Harris, Forbes & Co., N. Y . . 100.291 exchange. Due $500 Nov. 1 1913 and $1,000 on Nov. 1 1914 and 1915.
Out water & Wells, Jer. C y . 101.37 IFirst Nat. Bank, So. Am boy. 100 v. Purchaser will lie required to deposit with their bids in cash, cert, check or
bank draft, 10% of bonds bid for, and pay the balance with accrued interest
It. M. Grant A Co.. N. Y . . . 100.718 |
when bonds arc d e liv e r e d .............................................................................
*^H SCHOOL DI STRICT,rLos Angeles County,
TRUXTON, Cortland County, N. Y.— B O N D S A L E .— This town has
i w 9 # i,!;
r°P °sals will be received, it is stated, until
i 1 , Bd’ of, c.°* Supervisors (P. O. Los Angeles) for the $70,000 disposed of an issue of $90,000 4 K % coupon refunding bonds. Denom.
$1,000. Int. semi-ann. Due $2,000 yrly. from 1913 to 1941 incl. and
5% {bldg, bonds voted Aug. 22 (V. 95, p. 639).
$32,000 in 1942.
,
SPARTANBURG, Spirtinburg County, So, Caro.— B I D S R E J E C T E D .
UNIONTOWN, Fayette County, Pa.— B O N D S A L E .— This borough
— Reports state that all bids received on Oct. 14 for the three ismes of
has disposed of $42,000 street-impt. and $58,000 funding 4 54% 30-yr.
4 >4% coupon bonds, aggregating $200,000 (V. 95, p. 920) were rejected,
coupon tax-free bonds. Int. M. A N. at the Fayette Title A Trust Co. in
v A P, ? 1N£ hpl
a! 11
Elea sure Driveway & Park District— B O N D Union town.
n f / 'V I V or 5;!°'„°.?n0, 4 /°. U20 ~Za ' (serial) coup, park bonds offered on
UXBRIDGE, Worcester County. Mass .— B O N D S A L E . — On Oct. 10
°A’
w?,re, awarded, it is stated, on Oct. 10 to R. C. O,
the $20,000 4% 1-20-yr. (ser.) coupon school-housc-Ioan bonds (V. 95,
Matheny A Co. of Springfield at par less $2,250 for expenses
. . . .
p. 920) were awarded to Lee, lligginson A Co. of Boston at 100.53 and int.
Other bids follow:
Curtis A Sanger, Boston........ 100.32 IAdams"A’Co.,*Boston............. 100.079
Blodget A Co., Boston.......... .100.091
'
■ •M
S : °„5,- C S i T ' f o S S " " “ N- w - “ *"■> * “
•“ 3 S S a S H
SCHOOL DISTRICT. Los Angeles County, C a l— B O N D
SPRINGFIELD, Clark County, Ohio .— D E S C R IP T I O N OF B O N D S — S•AVENICE'CITY
E .— The $92,000 5% site-purchase and bldg, bonds offered on Oct. 7
The $170,000 4
coupon water-works-main-constr. bonds authorized (V. L95,
p. 920) were awarded, it is stated, to Torrance, Marshall A Co.,
Sept. 24 (V. 05, p. 920) arc in denomination of $1,000 each and bear date Los
Angeles, on Oct. 9 for $93,875— making the price 102.038.
................
of Sept. 1 1912. Int. M. A S. at office of City Treas. Due $20,000 yearly
VINITA, Craig County, Okla.— NO A C T I O N Y E T T A K E N .— We are
on Sept. 1 from 1931 to 1938, incl. and $10,000 Sept 1 1939
advised by the City Clerk that no action has yet been taken looking towards
B O N D O F F E R I N G .— Proposals (scaled or verbal)'will be'reccived until
8 p. m. Nov. 12 by E.D. Scggerson, Clerk of Council, for the following 4 A % the issuance of the $20,000 5% 25-yr. sewerage-ext. bonds voted Aug. 6,
(V. 95, p. 501.)
coupon bonds:
$10,000 city building impt. bonds. Due $5,000 Sept. 1 1938 and 1939.
WARE COUNTY (P. O. Waycross), Ga.— B O N D S P R O P O S E D .—
3.000 police-department impt. bonds. Due Sept 1 1928
Reports state that the Issuance ot at least $200,000 road-lmpt. bonds is
6.000 llrc-departmcnt Impt. bonds. Due Sept, l" 1927? '
being agitated among the voters.
Denom. $1,000. Date Sept. 1 1912. Int. M. & S. at City Treasurer’s
•WARREN COUNTY (P.O. Lebanon), Ohio.— B O N D S A L E .— On Oct. 10
office. Cert, check for 5% of bonds bid for required. Bonds to lie de the
$22,000 4% bridge bonds (V. 95, p. 848) were .awarded, it is stated, to
livered and paid for within 10 days from time of award.
•
the Dayton Savings A Trust Co. of Dayton for $22,305— making the price
STRUTHERS. Mahoning County, Ohio .— B O N D O F F E R IN G . — Pro- 101.380.
•
•
posals will be received until 12 m. Nov. 13 bv I Elsenbaum Vil Clerk
•^YAYERTOWN, Jefferson County, Mass.— L O A N A W A R D E D 'MIN
$9,975 5% State St-paving assess, bonds
Denom $V,9 9 5 .' Date
fart
.
—
Of
the
temporary
loan
of $50,000 offered on Oct. 14 (V. 95, p.
Oct. 1 1912. Int. A. A O. Due $1,995 yrly. on Oct. 1 from 1913 to 1917
Incl. Cert.j check for $100, payable to the Village Treas., required. Bonds 098), $25,000, due April 14 1913, was awarded, it is stated, to Parkinson A
to be delivered within 10 days from time of award. Purchaser to pay Burr of N. Y. at 4.60% discount and $15 premium.
accrued interest,
........................................................................................ ,
WATERVLIET, N. Y,— B O N D S A L E .— An issue of $40,350’”4 54%
SULPHUR, Murray County, Tex ,— B O N D E L E C T I O N P R O P O S E D .— paving bonds has been awarded to Adams A Co. of New York at 100.939.
Reports state that tills place will soon vote on the Issuance of $17,500 Other bids follow:
sewer bonus.
’
Douglas Fenwick A C o .,N .Y .. 100.931Harris, Forbes A Co., N. Y 100.179
J. J. Hart, A lb a n y .............. .100.71 Manufacturers’ Nat. Bank,
•
fnnnh^O
hia
Y
r
i
m
j
n
^
S
T
R
I
C
T
(P.
O.
Sunbury),
Delaware
Isaac
YV. Sherrill, Poughkeep. 1 0 0 .6 1 1 Troy ............. ..
.... ....
par
County, Ohio, H O N I) tSyiL/s. On Oct. 5 the $1 150 4 u % 4-vr (aver )
Int. A. A O. Due $2,000 yearly Oct. 1 1913 to 1931, incl., and $2,350
a?par and*interest.’ P- 771) wcrcawarded to the Farmers’ BankfSunbury. Oct. 1 1932.
WEBSTER GROVES HIOH SCHOOL DISTRICT (P. O. St. Louis). St.
SUNFLOWER DRAINAGE DISTRICT, M iss— B O N D S A L E __The ,Louis
County, Alo.— B O N D S V O T E D .— At an election held Oct. 12 the
W m . R . Compton Co. of St. Louis has purchased $63,000 bonds.’ Date proposition
to issue $40,000 hlgh-school-bldg.-extenslon bonds carried,
May 11912. Due from May 1 1913 to 1932 incl.
it is stated, by a vote of 389 to 99.
SUNNYBROOK SCHOOL DISTRICT, Santa Clara Countv Cal — B O N D
WENATCHEE,
Chelan County, Wash.— B O N D E L E C T I O N . — The
S A L E .— On Oct. 7 the $2,500 building bonds ( V 9 5 m 77 l)W c?ea warded
questions of Issuing $27,000 water-main; $6,000 cluster-light-impt.; $5,000
it Is stated, to Antone Hicanda for $2,605— making; the price 104 20
* Ore-apparatus, and $4,500 Ore-alarm-system bonds, will be submitted to a
vote on Nov. 5, according to reports.
SWEET GRASS COUNTY SCHOOL DISTRICT NO 45 (P O Ryegate)
M ont—BOND S A L E . — On Sept. 28 the $1,000 6% 5-10-yr '(o p t ) counon
Worcester County, Atass.— B O N D S *A U T H O R I Z E D .—
school-bldg, bonds (V. 95, p. 771) were awarded to the State of Montana WeYVESTBORO.
are advised that the issuance of $7,000 4% water-tax-free bonds was
recently authorized. Due 1943.
. .
.
TACOMA, Wash .— B O N D S A L E .— This city during Sept, issued the
WEST POINT, Cuming County, Neb.— B O N D O F F E R I N G .— Proposals
following 7% spcclai-impt. assess, bonds, aggregating $4,537 10.
will be received until 6 p. m. Oct. 28 byA . Hcmfd, ;Clty Clerk, for„$14,000
T H E C H R O N IC L E
1074
S% coupon sewer bonds (V. 95, p. 705). Denom. $500. Date O ct.l 1912.
I*t. in N. Y. City. Due Oct. 1 1932. Bonded debt, $33,000. No floating
debt. Assessed val. 1912 $417,944. • ....................................
•
WHITE C OUD, Doniphan County. K a n — BON D ’O F F E R I N G . — Pro
posals will be received at once by E. L. Marker, City Clerk, for $5,000
AV i% coup, electric-light tax-free bonds. Autk. Chap. 101, Laws of 1905.
Denom. 5500. Date Feb. 1 1913. Int. F. & A. at office of State Trcas.
in Topeka. Due Feb. 1 1923, opt. at any Interest-paying period. No
•ther debt. Assess, val., $347,417.
................................
WHITE COUNTY (P. O. Monticello). I nd.— B O N D O F F E R IN G .— Pro
posals will be received until 10 a. m. Nov. 15 by A. G. Fisher, County Aud.,
for tho following 4J^% coupon bonds
. . .
^
$9,000 W. H. Parks Road construction non-taxablc bonds. Denom. $4o0
Date Sept. 3 1912.
,, .
.
_
8,000 H. Graham et al. road-construction non-taxable bonds. Denom.
$300. Date Oct. 8 1912.
. ,
. _
7,400 Anton Demcrle et al. road-construction non-taxable bonds. Denom.
$370. Date Oct. 8 1912.
8,200 H. Eller et al. road-construction bonds. Denom. $410.
Int. M. & N. at office of County Treasurer. Due one bond of each Issue
each six months from May 15 1913 to Nov. 15 1922, incl. Deposit of $500
required. Bonds to bo delivered and paid for within 30 days from time of
award.
WHITE PLAINS UNION FREE SCHOOL DISTRICT NO. 1 (P. O.
White *Plains) .W estchester County. N. V . - B O N D S NOT S O L D - N o
award was made on Oct. 7 of the $ 10,000 4 % bonds offered on that day.
WILLOW-GLEN SCHOOL DISTRICT. Santa Clara County, Cal —
B O N D S A L E . — On Oct. 7 tho $0,500 building bonds (V. 9o, p. 772) were
awarded, R Is stated, to O. F. Handles for $0,535— making .the price
100.538.
WINTER PARK. Orange County. Fla.— B O N D O F F E R IN G . — Proposals
will be received until Oct. 25 by C. D. Powell, Cashier of the Bank of Winter
Park for tho $12,000 0% 13-25-year (ser.) water-works bonds recently voted
(V. 95, p. 564). Denom. $500. Int. soml-annual.....................................
r'« WOOD'COUNTY (P. O. Bowling Green), Ohio.— B O N D O F F E R I N O .—
Proposals will be received until 1 p. m. Nov. 4 by O. E. Stlnebaugh, Co.
Aud for $50,000 5% coup, hlghway-lmpt. bonds. Auth. Secs. 6926 to
6956’ Gen Code. Denom. $1,000. Date Nov. 15 1912. Int. M. & S. at
affico of Co Treas
Due $5,000 each six months from Mch. 1 1913 to Sept. 1
1917 Incl ’ Cert, check on a Bowling Green bank for $1,000 required.
Puroiiaser'to pay accrued Int. A llko amount of bonds was reported sold
....................
•n Aug. 6. See V. 95, p. 377.
WOOD COUNTY (P. O. Quitman). Tex.— B O N D S V O T E D . — The
election held Sept. 1 resulted, it is stated. In favor of the proposition to
Issue the $120,000 road and brldgo bonds (V. 95, p. 705.)
................
BSAVYOMING, Hamilton County, Ohio.— B O N D O F F E R IN O . — Proposals
will be received until 5 p. in. Nor. 9 (date changed from Oct. 26) by W. A.
Clark Vil Clerk, for the $16,000 4% bonds to improve and extend the
Wyoming Water Works. Denom. $500. Date Sept. 1 1912. Int. M. & S.
Due Sept 1 1962. Cert, check for 10% of bonds bid for, payable to the
Village Treas., required. Bonds to bo delivered and paid for within 30
days from time of award. Purchaser to pay accrued lntorest.
\
RFYAKIMA COUNTY SCHOOL DISTRICT NO. 99, Wash.— NO B O N D S
O F F E R E D . — The County Treas advises us that $3,000 1-20-yr. (opt.) sitepurchase and bldg, bonds advertised to be sold on Oot. 7 were not offered
on that day. owing to a technicality.
YAKIMA COUNTY (P. O. North Yakima), Wash.- NO B O N D E L E C
T I O N .— Local papers state that the proposition to issue the $ 1,000,000
road bonds (V. 95, p. 193) will not bo submitted to a vote this fall, the
County Commissioners having decided adversely to calling an election.
YOAKUM, Dewitt County, Texas.— B O N D S A L E . — On Oct. 7 the
$32 000 5% 20-40-yr. (opt.) sewer-constr. bonds (V. 9o, p. 921) were
awarded to the Yoakum State Bank In Yoakum for $32,231, making the
price 100.72. These securities were registered on Oct. 9 by the State
Comptroller.
*
YOLO COUNTY (P. O. Woodland), C a l— BOND O F F E R IN G . ^Pro
posals will be received until 5 p. m. Oct. 25, It Is stated, by Roy E. Cole,
County Treas., for $450,000 5% Reclamation Dlstriot No. 900 bonds.
Denom. $1,000.
YUMA COUNTY (P. O. Yuma). Ariz — B O N D O F F E R I N G . — Proposals
will be received until 10 a. m. Nov. 2 by Roy Hansberger, Co. Clerk, for
$60,000 5% 10-19-yr. (ser.) bonds, reports stats. Int. serai-ann. Cert,
check for $6,000 required.
ZEELAND, O t t a w a C o u n t y , M i c h . — B O N D S P R O P O S E D . — T h i s village
Is c o n s i d e r i n g t h e I s s u a n c e o f s e w e r b o n d s .
Canada, Its Provinces and Municipalities.
AGASSIZ B. C.— D E B E N T U R E S V O T E D . — At a recent election, It is
reported, that the by-law providing for the Issuance of $3,500 park de
bentures received a favorable vote.
BERDUE. Sask.— D E B E N T U R E S V O T E D . — A t a reoent election the
ratepayers voted a by-law providing for the Issuance of $3,o00 skatingand curling-rink debentures, reports state.
UOWHANVII I F Ont — V O T E . — The vote cast at the election held
Oct 8 which resulted in favor of the proposition to Issue $150,000 5% water
works and sewerag^
(V. 95, p. 999). was 447 “ for" to 38 “ against."
CH1I I IWACK B. C . — D E B E N T U R E S A L E . — The remaining $100,090
of the $162 500 5% 40-yr. debentures offered on Sept. 3, $62,500 of which
have been klready disposed of (V. 92, p. 922) have been sold to tho Sun
Life Assurance Co.
CUDWORTH Sask — D E B E N T U R E S A L E . — The $7,000 6% ,15-yr.
Impt. debentures offered on Oct. 1 (V. 95, p. 705) have been awarded, it
is stated, to Curran Bros, of Regina.
DUCK LAKE Sask.— NO D E B E N T U R E E L E C T I O N .— Tho reports
stating that an election would bo held Oct. 10 to vote on the Issuance of
$ 1 0 , 0 0 0 debentures (V. 95, p. 922) were erroneous.
DUNCAN. B. C.— D E B E N T U R E O F F E R IN G . — Proposals will be re
ceived until Dec. 1 by Jas. Craig, C. M. C., for $65,000 25-yr. electrio-llght;
$25 000 25-yr. water-works; $15,000 15-yr. school aud $10,000 10-yr. street
5 % 'debentures recently voted (V. 95, p. 705).
Int. soml-ann. No other
debt. Assessed val. $1,337,580.
FAST LUTHER TOWNSHIP, Ont.— D E B E N T U R E E L E C T I O N PRO
P O S E D —-An election will be held shortly. It Is reported, to submit to the
ratepayers the question of Issuing $5,000 debentures to meet current
expen ses.
FOREST Ont.— D E B E N T U R E O F F E R I N G — Proposals will be re
ceived until 6 p. m. Oct. 26 by It. Kadd. Town Clerk for $20,000 5% 30-yr.
elec.-Ught-plant-constr. debentures. A like issue of debentures was offered
on Oct. 5. See V. 95, p. 849.
NEW LOANS.
NEW LOANS.
$ 2 0 7 ,0 0 0
$ 1 5 0 ,0 0 0
COUNTY OF MERCER, N. J. COUNTY OF MERCER, N. J.
20-Year Coupon Funding Bonds
Until 2:30 P. M. OCTOBER 29. 1912, the
Finance Committee of the Board of Chosen Free
holders of tho County of Mercer, New Jersoy, will
receive sealed bids for all or any part of the Issue
of Two Hundred and Seven Thousand ($207,000)
Dollars, Twenty (20) -year Coupon Bonds of tho
County of Mercer, New Jersey.
Said bonds are in the denomination of One
Thousands 1,000) Dollars each, interest payable
semi-annually on the First days of January and
July of each year, and to bear interest at the rate
of Four per centum per annum. Said bonds are
issued by the County of Mercer under an Act
entitled "An Act to authorize the issuing of bonds
to fund the floating debt of Counties, Approved
April 1, 1912.”
,
All proposals must bo enclosed in a sealed
envelope, and must be accompanied by a certified
check on some reputable bank for Two per cent of
the amount of the bonds bid for, payable to the
order of Joseph II. Black, Collector of the County
of.) Mercer.
,
_
Bids will be opened by the said Finance Com
mittee on October 29, 1912, at 2:30 P. M.
The right is reserved to reject any or all bids if
deemed in the Interest of the County to do so.
For further Information and blank proposals,
address Joseph H. Black, County Collector, Court
House, Trsnton, New Jersey.
MAURICE D. RAUB,
Chairman Finance Committee.
CALL
Pontchartrain Levee District
New Orleans, September 28th, 1912.
To the holders of the outstanding 6% bonds.
Series C, of the Board of Commissioners, for the
Pontchartrain Levee District.
Notice Is hereby given by the above-named
Board of Its Intention to redeem all of Its out
standing 6% bonds. Scries C, maturing on the
First day of November, 1912. Payment will be
made at the Whitney Central National Bank, New
Orleans, together with all accrued Interest.
Holders of said bonds are notified to present
them for payment at said Bank on the 1st day of
November, 1912, on which day all Interest on
said bonds will cease.
HUNTER C. LEAKE. President.
NEW LOANS
$ 2 0 0 ,0 0 0
CITY OF MINNEAPOLIS,
BONDS
B U IL D IN G BONDS
Notice Is hereby given that the Finance Com
mittee of the Board of Chosen Creeholders of the
County of Mercer, New Jersey, will receive bids
for the sale of One Hundred and Fifty Thousand
($150,000) Dollars, Mercer County Building
Bonds at the County Collector’s office, Court
House, Trenton. New Jersey, at 2:30 P. II. on
TUESDAY. OCTOBER 29. 1912.
Said bonds are dated the First day of July, 1912,
payable on the First day of July, 1942, and are
In the denomination of One Thousand ($1,000)
Dollars each, Coupon Bonds, and bear interest
at the rate of Four per centum per annum, pay
able semi-annually on the First days of January
and July in each year, or said bonds may be
registered In the name of the owner by surrender
ing the coupons to the County Collector.
All bidders shall accompany their bid with a
certified cheok on some reputable bank for Two
per cent of the amount of the bonds bid for,
payable to the order of Joseph II. Black,County
Collector, Court House, Trenton, New Jersey.
All bids must be sealed, and will be opened by
the Finance Committee and the County Collector
on October 29, 1912, at 2:30 P. M.
The right is reserved to reject any or all bids It
deemed in the Interest of the County to do so.
For further information address Joseph H.
Black. County Collector, Mercer County Court
House, Trenton, New Jersey.
MAURICE D. RAUB,
Chairman Finance Committee.
Sealed bids will be received by the Committee
on Ways and Means of the City Council of Minne
apolis. Minnesota, at the office of the undersigned,
THURSDAY. OCTOBER 24TM. 1912, at 2 o ’clock
P. M., for the whole or any part of $200,000 High
School Bonds, dated October 1. 1912, payable
October 1, 1942, bearing Interest at the rate o f
four (4%) per cent per annum, payable semi
annually, and no bid or proposal will be enter
tained for a sum less than 95% of the par value
of said bonds and accrued interest on same to
date of delivery.
The above bonds are tax-exempt In the State
of Minnesota.
,
1’he right to reject any or all bids is hereby
reserved
A certified check for Two (2%) Per Cent of the
par value of the bonds bid for, made to C. A.
Bloomqulst, City Treasurer, must accompany
each bid.
, ,
,,, ,
Circular containing full particulars will bo
mailed upon application.
By order of the Committee on Ways and Means
at a meeting held September 26th, 1912.
DAN C. BROWN,
City Comptroller.
M U N IC IP A L A N D R A IL R O A D
Legal for Savings Banks,
Postal Savings and Trust Fundi.
BOND CALL.
BOND
[VOL. L XX X XV
BONDS
LIST ON APPLICATION
S E A S 0N G 00D & MAYER
In g a lls B u ild in g
C IN C I N N A T I
H0DENPYL, HARDY & CO.
14 W a ll S t ., N o w Y o r k
Bolger, Mosser & Willaman
MUNICIPAL BONDS
S E N D FOR L I S T .
29 South
L a Sallo S t.,
OHIO A G O
Charles M. Smith & Co
CORPORATION AND
MUNICIPAL BONDS
f lR S T N A T IO N A L B A N K B U IL D IN G
C H IC A G O
R a ilro a d , Street B y . , G a s & E le c. L ig h t
TERRITO RY OF H A W A II
4% PUBLIC IMPROVEMENT BONDS
Due Sept. 3, 1942-32 @ 102.75 and interest.
Tax Free Throughout United States
Accepted at par for Govt, and Postal Deposits
STACY
Toledo, 0.
&
BRAUN
Cincinnati, 0.
SECURITIES
ESTABLISHED 1885.
H. C. SPEER & SONS CO.
JOHN H. WATKINS
NO. 2 W ALL STREET
IN V E S T M E N T
BONDS
First Nat. Bank Bldg., Chicago
SCH O O L,
CO UN TY A N D M U N IC IP A L BONDS
Oct. if 191JJ.]
T H E C H R O N IC L E
H A N L E Y . Sask — D E B E N TU R E O FFE R IN G .— Proposals will bo re
•cived until 0 p. in. Oct. 30 b y A . Ilolm , Seoy.-Treas., for $11,000 6 %
2*-yr. elec.-light debentures.
K A M L O O P S , B. C .— D E B E N T U R E S V O T E D .— A t an election held
Sept. 11 the voters authorized the issuance of the $250,000 hydro-electric;
$60,000 electrlc-llght, and $90,000 water-system debentures (V .9 5 ,p . 565.)
Due A pril 1 1938.
K B E V V A TIN , O u t. — D E B E N TU R E E LE C TIO N PR O PO SED .— A ccord
ing to reports the ratepayers will be called upon in the near future to vote
•n the issuance of $30,009 street and dralnagc-linpt. debentures.
KINGSTON, Ont. —-IIONDS PR O P O S E D .— It is reported that this place
Intends to Issue $10,000 nlty-hall-lm pt. debentures.
LEMBERO, Sask.— D E D E N TU R ES V O T E D .— It Is reported that the
by-law providing for the Issuance o f skating-rlnk-constr. and equip, deben
tures received a favorable vote at a recent election.
M A C L E O D , A lta.— D E B EN TU R E S A L E .— A ccording to the "Finan
cial Post of Canada,” this city disposed of an Issue of $338,000 5% 40-year
debentures In London at 93.50.
M O N T R E A L P R O T E S T A N T SC H O O L D IS T R IC T , Q u a — DEDEN TU RE
S A L E .— Of the issue of $1,000,000 4 % 30-year school debentures offered
for sale by this dlstrlet, $834,000 were taken. It is stated, by the Royal
Securities Corp., L td ., of Toron to, at 92.588, and the remaining $160,000
by the City of Montreal and the Montreal City and District Sav. Bank.
M O S A T O W N S H I P SC H O O L D IS T R IC T , O n t — D E B E N T U R E ELEC
TIO N P R O PO SE D .— It Is stated that the rate-payers will decide In the
near future on a by-law providing for the Issuance of $3,500 bldg, debentures.
N O R TH
BATTLEFORD,
Sask — D E B E N TU R E E LEC TIO N PRO
P O S E D .— It is stated that the rate-payers will vote in the near future on
the propositions to issue $60,000 power-plant Im pt., $28,500 street-lm pt.,
Isolation Hospital and ourront expense debentures.
N O R TH V A N C O U V E R , B. C .— DE B EN TU R E S V O T E D — A t a recent
election a favorable ro te was cast , it is stated, on the issuance of $50,000
street and $8,000 Capllano District park debentures.
N O R W O O D , O n t. — D E B E N TU R E E L E C T IO N .— A by-law will be sub
mitted to the rate-payers on N ov. 6, reports state, providing for the Issu
ance of $400,000 Rod H irer brldge-constr. debentures.
O W E N S O U N D , O n t. — DE B EN TU R E S V O T E D .— At an election held
Sept. 14 the rate-payers authorized the Issuance of $04,000 4 >4% 20-year
Malleable Iron Foundry bonus debentures by a vote of 962 to 28. We arc
advised by the City Clerk that these debentures will be offered within 2 mos.
PEM BROKE. Ont.— D E B EN TU R E S V O T E D .— The election held Oct. 7
resulted in favor of the proposition to Issue the $5,000 4><j% 20-yr. boxfactory-sltc-nurohase bonus debentures (V. 95, p. 850). The vote was
563 to 21. W o are advised that these bonds will be offered next. February.
P O R T C O L B O R N E , Ont.— D E B E N TU R E OFFE R IN G .— Proposals will
be received at once by F . D. Noble. Clerk and Treas., for $20,000 publieschool and $20,000 water-works-extension 5% cou p, debentures (V. 95, p.
641). Denom. $100. Date O ct. 1 1912. Int. in Dec. at office of Vtl.
Treas. Due part yearly for 30 years. No deposit Is required. Debenture
debt, $33,996 55. No floating debt. Asses, val., $706,364.
PORTAGE
P R A IR IE
(R U R A L
M U N IC IP A L IT Y
O F ).
B O N D S
R A Y M O R E . S a s k — NO A C TIO N Y E T T A K E N .— W e are advised b y
the Secy .-Treas. under date of O ct. 8 that no action has yet been take*
looking toward the issuance of the $5,500 flre-dept.-lm pt. debentures.
(V . 95, p. 565.)
R O S E T O W N . S ask .— BON D E L E C T IO N .— It is r e p o rte d th a t on O ct. 31
the ratep ayers w ill h a v e s u b m itte d to th em the p ro p o s itio n to issue $15,009
h o s p lta l-c o n s tr u c tlo n -b o n u s b o n d s.
R O S T H E R N , S a sk . — D E B E N T U R E O FFE R IN G .— Proposals will b«
received until N ov. 4 for $10,000 5
si dewal k debentures repayable in
20 annual installments. A uth. vote of 32 to 0 at the election held O ct. 5
(V . 95. p. 850). Int. annual,
.. S E L K IR K, M a n .— P R IC E P A ID FOR D E B E N TU R E S .— W e arc advised
tnat the price paid for the $13,000 5% 20-in8tallaient sidewalk debentures
93^ 7 5 ° d t0 Wooc*'
& Co. of Toronto oa Sept. 16 (V . 95, p. 923) was
.jS H E H O , Sask.— D E B EN TU R E S A L E .— On Oct 1 the $2,000 6 % 15Installment debentures (V . 95, p. 774) were awarded to Osier, H am m ond &
Nanton of W innipeg at 93.75. Other bids follow:
Curran B ros., R egina--------------$l,870|N ay <5s James, R e g in a ............ $1,843
T \ RA:u0 !,t -~^D E B EN TU R E E LEC TIO N PR O P O S E D .— A ccording to
<*in0nA3n’ i c .rat,c "Pay c rs will vote on a by-law providing for the issuance of
$10,000 drain debentures,
...................................
.
.-■ W E S T V A N C O U V E R , B. C .— D E B E N T (IRE OFFE R IN G .— Proposals
will be received until 12 m. O ct. 29 by O .H . Peake, C. M. C. (P . O. H allyvoted s >
enV1C?11?u ?°a^
antl $75,000 50-yr. road 5% debentures
voted Sept. 21 (V . 95, p. 1,000). Int. serai-ann.
f h i 'y ° P DSP C K ’ . ? n!-_ ' Il EZ,/?iV'ri7 i?E S P R O P O S E D .— It is stated that
this place Is considering the Issuance o f $3,599 debentures to defray the
current expenses of the Board of E ducation.
nf Yt\Rt ^ T 9 ^ ’ S is k .— VOTN.— The election held Sept. 27 resulted in a vote
i ld *u favor of the proposition to Issue the follow ing 5% debentures,
5 i 77'2 ?2 : aaa5 ’,000 for electrlc-llght; $45,000 for sewers; $18,000
for water-works; $16,000 for refunding general acoount; $10,000 for purcihAAi01 real property; $3,000 for drains and $10,000 for lm pt. of higha Ha m J o1?0 debentures are payable In 10,20 and 30 annual Installments
Aff al?d Interest. W e are advised that it has not beenrdcclded
wnen to oiler these debentures for sale.
. .
OFFICE OF THE
ATLANTIC MUTUAL INSURANCE COMPANY.
New York, January 23d
90 S T A T E S T R E E T , B O S T O N
30 P I N E S T R E E T , N E W Y O R K
R A IL R O A D
M an —
MISCELLANEOUS.
BLODGET & CO.
&
LA
D E B EN TU R E S P R O P O S E D .— This municipality is contem plating the
Issuance of $100,000 road and ditch debentures. It Is reported.
MISCELLANEOUS.
S T A T E , C IT Y
1075
BONDS
F. W M . K R A F T
1012
The Trustees, in conformity with the Charter of the Company, submit the fallowing siatemeni of its affairs on the
3lst of D ec e m b e r , 1911.
Th« Company’s business .1as been confined to marine and inland transportation insurance.
Premiums on such risks from the 1st- January, 1911, to the 31st December, 1911___________ _____ S3.653 325 18
873*,0&0 37
Premiums on Policies not marked oft 1st January, 1911__ . . ______ ___________ ______ __________
Total Premiums............................................................................................................................................. $4 JfiT.OOiTss
Interest on the investments of the Company received during the year. ...$333,897 03
LAWYER.
526,692 93
Specializing in Examination of
425,855 80
Municipal and Corporation Bonds
$959,530 60
1057*9 F IR S T N A T IO N A L B A N K B L D G ..
C H IC A G O , I L L .
N A T IO N A L
BONDS
... .
A ,MUM
A. H. Bickmore & Co.,
B AN K E R S
3 0 P in # S t r e e t ,
N ew Y o r k
ACCOUNTANTS.
LYBRAND,
ROSS BROS &
M O NTGO M ERY
C e r t ifie d
P u b lic A c c o u n ta n t#
(Pennsylvania)
NEW YORK, 55 Liberty St.
PHILADELPHIA, Morris Bldg.
PITTSBURGH, Union Bank Bldg.
CHICAGO, First Nat. Bank Bldg.
SAN FRANCISCO. Kohl Bldg.
SEATTLE. Central Bldg.
LONDON. 68 Coleman Si
PARK, P O T T E R & CO.
CERTIFIED PUBLIC ACCOUNTANTS
N e w Y o r k , C h i c a g o , C in c i n n a t i a n d
L o n d o n , E n g la n d .
AUDITORS
FOR
FINANCIAL
INSTITU
TIONS, INDUSTRIAL AND
MINING COMPANIES
Investigations, Financial Statements.
Periodical Audits and Aoconntlni
’
579,472 18
L IG H T ,
H E A T &, P O W E R C O M P A N Y
GUARANTEED
Expenses, Including officers’ salaries and clerks’ compensationstationery! advertise^
ments, etc..................................................................................................... .1 .................
will cease. The certificates to be produced at the time of payment"and’ canceled.”
A dividend of Forty per cent is declared on the earned premiums of the Company for the year ending 31st
December. 1911, which arc entitled to participate in dividend, for wliioh, upon application, certificates will be
Issued on and after Tuesday tho seventh of May next.
’
w
By order of the Board,
Q. STANTON FLOYD-JONES, Secretary.
TRUSTEES.
FRANCIS M. BACON,
HERBERT L. GRIGGS.
CHARLES M. PRATT.
JOHN N. BEACH,
CLEMENT A. GItlSUOM,
DALLAS B. PR A IT ,
ERNEST C. BUSS,
ANSON \V. HARD,
GEORGE W. QUINTARD;
VERNON II. BROWN,
THOMAS H. HUBBARD,
ANTON A. RAVEN,
WALDRON P. BROWN,
LEWIS CASS LEDYARD,
JOHN J. HIKER,
JOHN CLAFLIN
CHARLES D. LEVERICH,
’
DOUGLAS ROBINSON,
GEORGE C. CLARK,
LEANDER N. LOVELL,
GUSTAV I I . SCHWAB,
CLEVELAND II. DODGE,
GEORGE H. MACY,
WILLIAM SLOANE,
CORNELIUS ELDERT,
CHARLES II. MARSHALL,
LOUIS STERN,
RICHARD II. EWART,
NICHOLAS F. PALMER,
WILLIAM A. STREET;
PHILIP A. S. FRANKLIN;
HENRY PARISH,
GEORGE E . TURNURE.
ADOLF PAVENSTEDT,
A. A. RAVEN, President.
CORNELIUS ELDERT, Vice-President.
WALTER WOOD PARSONS, 2d Vice-President.
CHARLES E. FAY, 3d Vicc-Prcsidimt.
JOHN II. JONES STEWART, 4f/i Vice-President.
BALANCE SHEET.
ASSETS.
United States and State of New York
Bonds ........................................- ..........
New York City and New York Trust Co.
and Bank Stocks.. .......... - ...................
Stocks and Bonds of Railroads_________
Other Securities.............. .........................
Special Deposits in Banks and Trust
Companies ............................................
Real Estate cor Wall and William Streets
and Exchange Place, containing offices
Real Estate on Staten Island (held under
provisions of Chapter 481,Laws of 1887)
Premium Notes..........................................
Bills R eceiva b le........................................
Cash in hands of European Bankers to
pay losses under policies payable In
foreign countries................ — .............
Cash in Bank---------- ----------- -------------New York City Ilovenua Bonds.......... .
LIABILITIES.
Estimated Losses and Losses Unsettled
In process of Adjustment____________ $2,310,027 00
Premiums on Unterminated Risks.........
753,427 33
1,777,900 00 Uertlilcates of Profits and Interest Un2,742,162 00
220,020 00 Return Premiums Unpaid........................
109,742 18
Reserve for ’T a x e s __________________
57 512 16
1,000,000 00 Hc-insurance Premiums ................ .........
183,599 07
Claims not Settled, including Compen
4,299,426 04
sation, e t c .............................................
69,104 08
Certificates of Profits Ordered Redeemed,
75,000 00
Withheld for Unpaid Premiums______
22,471 29
618.136 00 Certificates of Profits Outstanding______ 7,401,390 00
449,354 23
$700,000 00
203,603 36
930,321 99
450,000 00
$13,465,923 62
$11,174,365 14
Thus leaving a balance o f_______________ . ____________________ ____ _____ _____________________ $2,291,558 48
Accrued Interest on Bonds on the 31st day of December, 1911, amounted to __________________
R4I 878 80
Rents due on the 31st day of December, 1911, amounted to__________
’
21970 46
Ro-lnsurnnco due or accrued. In companies authorized in New York, on the 31st day of December!
1911, amounted to ....................................................... ....................... . ........... .......... ....................... .... 214 367 00
Uncxplred re-lnsurauco premiums on the 31st day of December, 1911. amounted to ........................ .
83 096 43
Note: The insurance Department has estimated the value of tho Real Estate comer Wall and
William Streets and Exchange Place In excess of the Book Value given above, at............ .. 450,573 98
And the property at Staten Island In excess of the Book Value, at.................. _.......................
63,700 00
Tho Market Value of Stooks, Bonds and other Securities on the 31st day of December, 1911, ex
ceeded tho Company’s valuation by............................................................... ........................................ 1,588,035 62
0 » the basis of these Increased valuations the balance would be.....................................................$4,755,780 76
T H E C H R O N IC L E
1070
[V o l . L x x x x v .
%%nhzxs a n il %xo^zx& tmtsi&x j g w
SAN F R AN CISCO
PORTLAND, ORE.
P ITTS B U R G H
We Buy and Sell
W a te r W o r k s , H y d r o -E le c tr ic , T r a c tio n ,
a n d G e n e ra l P u b lic U tility B o n d s
MORRIS BROTHERS
PORTLAND,
J. S . &. W. S . K U H N
PHILADELPHIA
NEW YORK.
Municipal and Corporation
Incorporated
BONDS
P itts b u r g h , P a .
Chicago
New York
Philadelphia
Boston
PACIFIC COAST SECURITIES A SPECIALTY.
L O U ISV IL L E
Donner, Childs & W o o d s
Msmber* of New York Stock Exchange, Pltsburgh
Stock Exchange. Chicago Board of Trade.
IN VE STM EN T
S E C U R ITIE S .
Union Bank Bulldiag.
P I T T S B U R G H , P A .
H, P, Taylor & Company
INVESTMENT HANKERS
We will purchase total issues of Munici
pal, Railroad aud Public Service Bonds.
PITTSBURGH.
NEW YORK.
248 Fourth Avenue.
Singer Bldg.
Quotations and Information Furnished on
PITTSBURGH SECURITIES
&, M c C O N N E L
BALLARD
Members Pittsburgh Stock Exchange
Sgaunonwealth Bldg.
PITTSBURGH, PA.
V .
Hopper
Co.
&
STOCK AN D BOND BROKERS
28 S outh Third Street,
P H IL A D E L P H IA
&,
The Bourse, Fourth Street.
Philadelphia.
CO.
Established 1887
Portland Ry., Light & Power
LOCAL SECURITIES
116 S. Eth St..
71 Broadway.
LOUISVILLE. KY.
NEW YORK CITY
Members
New York Stock Exchange
Louisville Stock Exchange
T O Y IE L D
SAN FRANCISCO
&
L O U I S V I L L E ,
K Y .
ATLANTA
SOUTHERN
M U N IC IP A L S
TO
6%
LOS ANGELA*
PASADENA
Quotations and Information Furnished oa
P a c ifio
John W . & D. S. Green
Rochester Railway 1st &2nd Mtge. 5s
Buffalo Railway 1st Consol 6a
&
4*4%
C oa st
S e c u r itie s
Established 1858
SUTRO
&, C O .
INVESTMENT BROKERS
San Francisco
Members
412 Montgomery St.
San Francisco Stook and
Bond Exchange
GOODWIN, GARBY & HOLTON, INC.
SAN FRANCISCO, CAL.
yield in g
M u n ic ip a l and C orporation
4*4% to 514%
BONDS
The Robinsoit-Humphrey-WardlawCo.
C A L I F O R N I A
S E C U R IT I E S
A T L A N T A , G E O R G IA
fPHILADEI.PHIA STOCK EXCHANGE
*gUMBERS'!NEW YORK STOCK EXCHANGE
(.CHICAGO BOARD OF TRADE
G.
THE ATLANTA TRUST COMPANY
A tlanta, Ga.
C a p it a l a n d
B A L T IM O R E
-
S u r p lu s ,
$ 3 0 0 ,0 0 0
BONDS
Georgia Municipal
Southern Public Service
COLSTON, BOYCE & CO.,
Members Baltimore Stock Exchange
Trust Company of Georgia
B A L T IM O R E , W A S H IN G T O N
A tla n t a , G e o r g ia
and SO U TH ER N
Investment Securities,
Bonds, Preferred Stocks,
A L A S K A COM M ERCIAL B U IL D IN G .
SAN FRAN CISCO.
BROKERS
HENNING, CHAMBERS& CO. WILLIAM R. STAATS CO.
C A L IF O R N IA
Union Ry.. Gas & Electric
Commonwealth Power, Ry. &Light
Municipal and Corporation Bond*
Investments receive our special attention. In
formation cheerfully furnished regarding present
Raidings or proposed Investments.
J. W . S P A R K S
I n fo r m a t io n R e g a r d in g
P a c ific C o a s t S e c u r itie s
INVESTMENT BONOS
STREET RAILWAY SECURITIES
A Specialty.
Correspondents: WALKER BROS.; 71 B’way; N. Y.
G. HOPPER,
H. S. H O P P E R ,
Members of Philadelphia Stock Exchange.
W m . G.
Chlcaf?0Board
L O U IS V IL L E . K Y .
AND
CO.
&
fNew York Stock Exchange,
New York Cotton Exchange,
MEMBERS
of Trade,
[The Stock and Bond Exchange.
MAIN OFFICE,
HILLS BUILDING, SAN FRANCISCO.
Branch offices: Los Angeles, San Diego. Cal,,
Portland. Ore.; Seattle. Wash.: Vancouver. B. S.
Private Wire to Chicago and New York
J. J. B. HILLIARD & SON
BANKERS
C. WILSON
L O U IS SLOSS & CO.
Buffalo Crosstown 5s
Louisville Hendcrsoni& St. Louis 1st 5s
St. Louis
San Fran. RR. Co. .New Orleans
Texas
Mexico Division 1st Mtge. 5s
P H IL A D E L P H IA
J.
G.
B L Y M Y E R
CO„
C A L IF O R N IA
M U N IC IP A L B O N D S
454 California St..
SAN FRAN01SG9
S. B. WAKEFIELD
&
CO.
C A L IF O R N IA SEC UR ITIES
Members The S. F. Stook & Bond Exohange-l
Specialize In San Francisco, Oakland Terminal
Ry. Co. Securities.
SAN FRANCISCO
OAKLAND
S E C U R IT IE S
C a p i t a l a n d S u r p l u s . - . ............$ 1 , 8 0 0 ,0 0 0
A U G U STA
S o u t h e r n S e c u r it ie s
JOHN W . DICKEY
N ASH V IL L E
BROKER.
H E N R Y
AUGU STA, GA.
S ou th ern
Established 1880.
B IR M IN G H A M
Mocks
Bonds
O t t o M a r x & Co .
|T
Birmingham, Ala.
SOUTHERN
Tractions
Industrials
SECURITIES
Municipals
State
Inquiries Solicited.
S.
FR AZER
BROKER
Tennessee Power Bonds
Tennessee Railway Stocks
Bought and Sold
S e c u r itie s
J
STOCKS
M O B IL E ,
AND
-
SCHLEY
BONDS.
-
A LAB A M A
H OU STON , T E X A S
Municipal and Corporation Bonds.
High Grade Stocks.
&,
Union National Bank Building.
TORRANCE, MARSHALL & CO.
M unicipal
| Bonds
C orp ora tion *
Local Stocks and Bonds.
A venue,
-
Correspondence Invited.
LOS ANOELES
SAN FRANCIUM
TENN .
VA.
MOTTU & CO.
Established 1802.
NORFOLK. VA.
NEW YORK
60 Broadway
IN V E S T M E N T S
CO.
Houston. Texas
E D G A R , R IC K E R
IN V E S T M E N T
WILLIAM R. STAATS CO:
v A l a 1 1 Wn N 1A
Municipal and Corporation Bonds
TO Y IE L D 4 y 2%
LOS ANGELES
M IL W A U K E E
TE X A S
N EUHAUS
We Specialize In Short-Term Collateral
Notes yielding 5 to 6% .
SAN FRANCISCO
LOS ANQELBB
Established 1887
M O B IL E
&,
CO.
LOS AN G ELE S
JNO. L. NORTON
86 M a d is o n
M E M P H IS ,
-
MORGAN
BONDS
C O M M E R C IA L P A P E R
C A L IF O R N IA SE C U R IT IE S
M E M P H IS
N ORFOLK,
M ACARTNEY
LUNDBORG
P.
&,
CO.
S E C U R IT IE S
Wisconsin Corporation Issues
FREE PRESS BLDG.,
MILWAUKEE
B.
TO 6 %
pASADENA*AN FRANCISCO
HAM M OND
INVESTMENT BROKER
Specialist in All California Securities
Inquiries for quotations or information
will receive prompt attention.
Members Los Angeles Stock Exchcmoe
H. W. Heilman Bldg.,
LOS ANOELES
@FedFRASER